N.Y. Abandoned Property Law § 510: Definitions

§ 510. Definitions. When used in this article, the following items

shall have the following meanings:

1. "Corporation" shall include any joint stock company, corporation,

association of two or more individuals, committee, public authority, or

business trust.

2. "Public issuer" shall include the United States, the several states

and territories thereof, political subdivisions and municipal

corporations within such states and territories, foreign countries and

political subdivisions and municipal corporations within such foreign

countries.

3. "Security" shall include:

(a) Any instrument issued by a corporation or public issuer to

evidence an obligation to make any payment of the principal amount of a

debt or of any increment due or to become due thereon, or

(b) Any instrument issued by a corporation to evidence a proprietary

interest therein except:

(i) A policy of insurance issued by a mutual insurance corporation, or

(ii) A share issued by a savings and loan association, a building and

loan association, or a credit union.

4. "Broker" shall include any individual or corporation engaging in

the purchase, sale or exchange of securities for or on behalf of any

customer.

5. "Dealer" shall include any individual or corporation engaging in

any state as a regular business in the purchase, sale or exchange of

securities for his or its own account, through a broker or otherwise.

6. (a) "Customer" shall include any individual or corporation entering

into a contract with a broker or dealer by which such broker or dealer

agrees to effect the purchase, sale, or exchange, or to keep custody of

any security for or on behalf of such individual or corporation. The

term "customer" shall also include any individual or corporation

entering into a contract with a broker or dealer whereby such broker or

dealer for his own account buys from or sells to such individual or

corporation, any security.

(b) If on the books of account located at an office in this state of a

broker or dealer there is indicated a balance to the credit of an

individual or corporation with a last-known address in a state other

than this state, such individual or corporation shall not be deemed a

"customer".

7. "Amount" shall mean that term as defined in subdivision seven of

section five hundred of this chapter.

8. "Wages" shall include moneys payable, under contract or otherwise,

for services rendered to a broker or dealer, less lawful deductions.