2023 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.