N.Y. Banking Law § 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.