NY Banking L § 2 (2021)
2021 New York Laws BNK - Banking Article 1 - Short Title; Definitions; Miscellaneous Provisions. 2 - Definitions.

§ 2.  Definitions.  1.  Bank.  The  term,  "bank,"  when  used in this chapter, unless a different meaning appears from the context, means  any corporation,  other  than a trust company, organized under or subject to the provisions of article three of this chapter.   2. Trust company.  The  term,  "trust  company,"  when  used  in  this chapter,  unless a different meaning appears from the context, means any corporation or  limited  liability  trust  company  organized  under  or subject  to  the provisions of article three of this chapter, having, in addition to the other powers specified in such  article,  the  fiduciary powers  specified therein. The definitions set forth in section two-b of this article shall be utilized when the provisions of this  chapter  are applied  to  the  formation  and  operation  of  limited liability trust companies.   3. Private banker. The term,  "private  banker,"  when  used  in  this chapter,  means  an  individual  or  partnership  duly authorized by the superintendent to engage in the business of a private banker pursuant to the provisions of article four of this chapter.   4. Savings bank. The term, "savings bank," when used in this  chapter, means  any  corporation  organized under or subject to the provisions of article six of this chapter. Such term shall include stock-form  savings banks  which  shall  be subject to the provisions of article six of this chapter to the extent not otherwise provided by  the  superintendent  of financial  services  pursuant  to  regulations promulgated under section fourteen-e of this chapter.   6. Safe deposit company. The term, "safe deposit company,"  when  used in this chapter, means any corporation organized under or subject to the provisions of article eight of this chapter.   7.  Licensed  lender.  The  term, "licensed lender," when used in this chapter, means any  person  or  other  entity  duly  authorized  by  the superintendent  to  engage  in  business  pursuant  to the provisions of article nine of this chapter. The terms,  "licensee,"  and  "licensees," when  used  in  article  nine of this chapter, mean a licensed lender or licensed lenders.   8.  Savings  and  loan  association.  The  term,  "savings  and   loan association," when used in this chapter, means any corporation organized under  or subject to the provisions of article ten of this chapter. Such term shall include stock-form savings and loan associations which  shall be  subject  to  the  provisions  of  article ten of this chapter to the extent  not  otherwise  provided  by  the  superintendent  of  financial services pursuant to regulations promulgated under section fourteen-e of this chapter.   9.  Credit union. The term, "credit union," when used in this chapter, means any corporation organized under  article  eleven  of  chapter  six hundred  eighty-nine of the laws of nineteen hundred nine, as amended by chapter  five  hundred  eighty-two  of  the  laws  of  nineteen  hundred thirteen,   or   under  article  eleven  of  this  chapter.  Every  such corporation shall be a non-stock corporation.   10. Investment company. The term, "investment company," when  used  in this  chapter,  means  any  corporation  or limited liability investment company organized under or subject to the provisions of  article  twelve of  this  chapter.  The  definitions  set forth in section two-a of this article shall be utilized  when  the  provisions  of  this  chapter  are applied  to  the formation and operation of limited liability investment companies.   10-a.  Mutual  trust  investment  company.  The  term  "mutual   trust investment  company"  when  used  in  this  chapter, means an investment company as defined by  an  act  of  congress  entitled  the  "Investment Company  Act  of  1940", approved August twenty-second, nineteen hundred  forty, as amended, provided that (a) such company is organized under  or subject  to  the provisions of article twelve-A of this chapter; and (b) all of the stock and shares, other than stock or shares required by  law to  qualify directors of such investment company, are or are to be owned by trust companies or national banks  having  trust  powers  and  having their  principal  offices within the state of New York or their nominees or  the  nominees  of  such   corporate   fiduciaries   and   individual co-fiduciaries.   11.  Banking  organizations.  The  term, "banking organizations," when used in this chapter, means and includes  all  banks,  trust  companies, private bankers, savings banks, safe deposit companies, savings and loan associations, credit unions and investment companies.   12.  Time  deposits.  The  term,  "time  deposits,"  when used in this chapter,  and  except  as  provided  otherwise  by  regulation  of   the superintendent  of financial services, means all deposits the payment of which cannot legally be required within fourteen days.   13. Demand deposits. The term, "demand deposits," when  used  in  this chapter,   and  except  as  provided  otherwise  by  regulation  of  the superintendent of financial services, means deposits  payment  of  which can legally be required within fourteen days.   14. Net demand deposits. The term, "net demand deposits," when used in this chapter, means the total of all deposits, and of all amounts due to banking  corporations  and  private  bankers  and  of all amounts due on certified and officers' checks, letters of credit and travelers'  checks sold for cash, and for unpaid dividends, less the following items:  (a) Time deposits;  (b)  Amounts  due  on demand from banking corporations organized under the laws of the United States or any state  of  the  United  States  and private   bankers   other  than  a  federal  reserve  bank  and  reserve depositaries.   15. Reserves on hand. The term, "reserves on hand," when used in  this chapter,  means  the  reserves against deposits kept in the vault of any banking organization.   16. Reserves on deposit. The term, "reserves on deposit," when used in this chapter, means the reserves  against  deposits  maintained  with  a federal reserve bank located in this state and with reserve depositaries by any banking organization, pursuant to the provisions of this chapter.   17.  Total  reserves.  The  term,  "total reserves," when used in this chapter, means the aggregate of reserves on hand and reserves on deposit maintained pursuant to the provisions of this chapter.   18. Reserve depositary. The term, "reserve depositary," when  used  in this  chapter,  means a banking corporation or private banker designated by the superintendent as a depositary for reserves on deposit.   19. Stockholder. The term, "stockholder," when used in  this  chapter, unless otherwise qualified, means a person who appears by the books of a stock  corporation  to  be the owner and holder of one or more shares of the stock of such corporation.   20. Shareholder. The term, "shareholder," when used in  this  chapter, means a member of a mutual savings and loan association or a member of a credit union.   21.  Population.  The  term,  "population," when used in this chapter, means population as determined by the latest  federal  census;  or  when used   in   connection  with  the  words  "unincorporated  village,"  as determined by the superintendent from  the  best  available  sources  of information.   22.  Capital  stock.  The  term,  "capital  stock,"  when used in this chapter in  connection  with  any  stock  corporation  subject  to  this  chapter,  means  the  aggregate  par  value of all outstanding shares of every class.   24.  Deed  of  trust.  The term "mortgage", when used in this chapter, shall, unless the context otherwise requires, include a  deed  of  trust securing  a  loan;  provided,  however,  that  in applying the recording provisions of this chapter in the case of any obligation  secured  by  a deed of trust, such provisions shall be deemed to require only that such deed  of  trust  be  recorded  in  the  name  of the trustee or trustees thereunder.   25. Bond and mortgage. The term "bond and mortgage", when used in this chapter, in referring to investments in or loans secured by mortgages on real estate, shall, unless the context  otherwise  requires,  include  a note secured by such mortgage.   26.  Minor or infant. The term, "minor" or "infant", when used in this chapter, shall mean a person who has not attained the  age  of  eighteen years;  provided,  however, that such definition shall not be applicable to any provision relating to the New York Uniform  Transfers  to  Minors Act.   27.  Trust office. The term "trust office", when used in this chapter, means an office of a trust company at which the activities conducted are limited to one or more of the fiduciary activities permitted for a trust company under this chapter and such non-fiduciary activities as  may  be ancillary to those activities. A trust office shall not be considered to be a branch office pursuant to any other provisions of this chapter.  (28)  Department.  The  term  "department"  means  the  department  of financial services of this state.  (29)   Superintendent.   The   term   "superintendent"    means    the superintendent of financial services of this state.   30.  Consummation  of  a  mortgage  loan.  The term "consummation of a mortgage loan" means, for purposes of the act of congress entitled Truth in Lending Act and  the  regulations  thereunder  and  the  Real  Estate Settlement  Procedures  Act  of  1974,  as  amended, and the regulations thereunder, when the  applicant  for  the  mortgage  loan  executes  the promissory  note  and  mortgage  including  by  electronic signature, in accordance  with  applicable  federal  and  state   laws,   rules,   and regulations.   31.  Members  of  a  borrower's social network. The term "members of a borrower's social network" means a group of individuals authorized by  a borrower  to  be  part  of  his  or  her social media communications and network.