N.Y. BNK Law § 2 — New York Code / Act BNK / Article 1 / Section 2
Definitions
Status: in_force

§ 2. Definitions. 1. Bank. The term, "bank," when used in this\nchapter, unless a different meaning appears from the context, means any\ncorporation, other than a trust company, organized under or subject to\nthe provisions of article three of this chapter.\n  2. Trust company. The term, "trust company," when used in this\nchapter, unless a different meaning appears from the context, means any\ncorporation or limited liability trust company organized under or\nsubject to the provisions of article three of this chapter, having, in\naddition to the other powers specified in such article, the fiduciary\npowers specified therein. The definitions set forth in section two-b of\nthis article shall be utilized when the provisions of this chapter are\napplied to the formation and operation of limited liability trust\ncompanies.\n  3. Private banker. The term, "private banker," when used in this\nchapter, means an individual or partnership duly authorized by the\nsuperintendent to engage in the business of a private banker pursuant to\nthe provisions of article four of this chapter.\n  4. Savings bank. The term, "savings bank," when used in this chapter,\nmeans any corporation organized under or subject to the provisions of\narticle six of this chapter. Such term shall include stock-form savings\nbanks which shall be subject to the provisions of article six of this\nchapter to the extent not otherwise provided by the superintendent of\nfinancial services pursuant to regulations promulgated under section\nfourteen-e of this chapter.\n  6. Safe deposit company. The term, "safe deposit company," when used\nin this chapter, means any corporation organized under or subject to the\nprovisions of article eight of this chapter.\n  7. Licensed lender. The term, "licensed lender," when used in this\nchapter, means any person or other entity duly authorized by the\nsuperintendent to engage in business pursuant to the provisions of\narticle nine of this chapter. The terms, "licensee," and "licensees,"\nwhen used in article nine of this chapter, mean a licensed lender or\nlicensed lenders.\n  8. Savings and loan association. The term, "savings and loan\nassociation," when used in this chapter, means any corporation organized\nunder or subject to the provisions of article ten of this chapter. Such\nterm shall include stock-form savings and loan associations which shall\nbe subject to the provisions of article ten of this chapter to the\nextent not otherwise provided by the superintendent of financial\nservices pursuant to regulations promulgated under section fourteen-e of\nthis chapter.\n  9. Credit union. The term, "credit union," when used in this chapter,\nmeans any corporation organized under article eleven of chapter six\nhundred eighty-nine of the laws of nineteen hundred nine, as amended by\nchapter five hundred eighty-two of the laws of nineteen hundred\nthirteen, or under article eleven of this chapter. Every such\ncorporation shall be a non-stock corporation.\n  10. Investment company. The term, "investment company," when used in\nthis chapter, means any corporation or limited liability investment\ncompany organized under or subject to the provisions of article twelve\nof this chapter. The definitions set forth in section two-a of this\narticle shall be utilized when the provisions of this chapter are\napplied to the formation and operation of limited liability investment\ncompanies.\n  10-a. Mutual trust investment company. The term "mutual trust\ninvestment company" when used in this chapter, means an investment\ncompany as defined by an act of congress entitled the "Investment\nCompany Act of 1940", approved August twenty-second, nineteen hundred\nforty, as amended, provided that (a) such company is organized under or\nsubject to the provisions of article twelve-A of this chapter; and (b)\nall of the stock and shares, other than stock or shares required by law\nto qualify directors of such investment company, are or are to be owned\nby trust companies or national banks having trust powers and having\ntheir principal offices within the state of New York or their nominees\nor the nominees of such corporate fiduciaries and individual\nco-fiduciaries.\n  11. Banking organizations. The term, "banking organizations," when\nused in this chapter, means and includes all banks, trust companies,\nprivate bankers, savings banks, safe deposit companies, savings and loan\nassociations, credit unions and investment companies.\n  12. Time deposits. The term, "time deposits," when used in this\nchapter, and except as provided otherwise by regulation of the\nsuperintendent of financial services, means all deposits the payment of\nwhich cannot legally be required within fourteen days.\n  13. Demand deposits. The term, "demand deposits," when used in this\nchapter, and except as provided otherwise by regulation of the\nsuperintendent of financial services, means deposits payment of which\ncan legally be required within fourteen days.\n  14. Net demand deposits. The term, "net demand deposits," when used in\nthis chapter, means the total of all deposits, and of all amounts due to\nbanking corporations and private bankers and of all amounts due on\ncertified and officers' checks, letters of credit and travelers' checks\nsold for cash, and for unpaid dividends, less the following items:\n  (a) Time deposits;\n  (b) Amounts due on demand from banking corporations organized under\nthe laws of the United States or any state of the United States and\nprivate bankers other than a federal reserve bank and reserve\ndepositaries.\n  15. Reserves on hand. The term, "reserves on hand," when used in this\nchapter, means the reserves against deposits kept in the vault of any\nbanking organization.\n  16. Reserves on deposit. The term, "reserves on deposit," when used in\nthis chapter, means the reserves against deposits maintained with a\nfederal reserve bank located in this state and with reserve depositaries\nby any banking organization, pursuant to the provisions of this chapter.\n  17. Total reserves. The term, "total reserves," when used in this\nchapter, means the aggregate of reserves on hand and reserves on deposit\nmaintained pursuant to the provisions of this chapter.\n  18. Reserve depositary. The term, "reserve depositary," when used in\nthis chapter, means a banking corporation or private banker designated\nby the superintendent as a depositary for reserves on deposit.\n  19. Stockholder. The term, "stockholder," when used in this chapter,\nunless otherwise qualified, means a person who appears by the books of a\nstock corporation to be the owner and holder of one or more shares of\nthe stock of such corporation.\n  20. Shareholder. The term, "shareholder," when used in this chapter,\nmeans a member of a mutual savings and loan association or a member of a\ncredit union.\n  21. Population. The term, "population," when used in this chapter,\nmeans population as determined by the latest federal census; or when\nused in connection with the words "unincorporated village," as\ndetermined by the superintendent from the best available sources of\ninformation.\n  22. Capital stock. The term, "capital stock," when used in this\nchapter in connection with any stock corporation subject to this\nchapter, means the aggregate par value of all outstanding shares of\nevery class.\n  24. Deed of trust. The term "mortgage", when used in this chapter,\nshall, unless the context otherwise requires, include a deed of trust\nsecuring a loan; provided, however, that in applying the recording\nprovisions of this chapter in the case of any obligation secured by a\ndeed of trust, such provisions shall be deemed to require only that such\ndeed of trust be recorded in the name of the trustee or trustees\nthereunder.\n  25. Bond and mortgage. The term "bond and mortgage", when used in this\nchapter, in referring to investments in or loans secured by mortgages on\nreal estate, shall, unless the context otherwise requires, include a\nnote secured by such mortgage.\n  26. Minor or infant. The term, "minor" or "infant", when used in this\nchapter, shall mean a person who has not attained the age of eighteen\nyears; provided, however, that such definition shall not be applicable\nto any provision relating to the New York Uniform Transfers to Minors\nAct.\n  27. Trust office. The term "trust office", when used in this chapter,\nmeans an office of a trust company at which the activities conducted are\nlimited to one or more of the fiduciary activities permitted for a trust\ncompany under this chapter and such non-fiduciary activities as may be\nancillary to those activities. A trust office shall not be considered to\nbe a branch office pursuant to any other provisions of this chapter.\n  (28) Department. The term "department" means the department of\nfinancial services of this state.\n  (29) Superintendent. The term "superintendent" means the\nsuperintendent of financial services of this state.\n  30. Consummation of a mortgage loan. The term "consummation of a\nmortgage loan" means, for purposes of the act of congress entitled Truth\nin Lending Act and the regulations thereunder and the Real Estate\nSettlement Procedures Act of 1974, as amended, and the regulations\nthereunder, when the applicant for the mortgage loan executes the\npromissory note and mortgage including by electronic signature, in\naccordance with applicable federal and state laws, rules, and\nregulations.\n  31. Members of a borrower's social network. The term "members of a\nborrower's social network" means a group of individuals authorized by a\nborrower to be part of his or her social media communications and\nnetwork.\n