N.Y. Banking Law § 653: Definitions

§ 653. Definitions. 1. "Claimant", when used in this article, means a

purchaser or holder of a New York instrument.

2. "Federal insuring agency", when used in this article, means the

Federal Deposit Insurance Corporation or the National Credit Union

Administration.

3. "Fund", when used in this article, means the state transmitter of

money insurance fund as provided for in this article.

4. "Holder", when used in this article, means a person, other than a

purchaser, who is either (i) in possession of a New York instrument and

is the named payee thereon, or (ii) in possession of a New York

instrument issued or endorsed to him or bearer or in blank; provided,

however, that no person who is in possession of a lost, stolen or forged

New York instrument or who is in possession of a New York instrument by

virtue of the fact that he is the surety on a bond required by

subdivision one of section six hundred forty-three of this chapter or is

a receiver or trustee, whether in bankruptcy or otherwise, for an

uninsured transmitter of money shall be deemed a "holder" thereof.

5. "Insured transmitter of money" means a transmitter of money whose

New York instruments are insured by a federal insuring agency.

6. "New York instrument" means a money order, check, draft or other

instrument or document for the transmission or payment of money, or

which evidences an obligation for the transmission or payment of money,

or which evidences the purchase or deposit of funds for the purchase of

any such instrument or document, sold in New York, but shall not include

a New York traveler's check.

7. "Purchaser" means a person who buys or has bought a New York

instrument from an uninsured transmitter of money or agent thereof.

8. "Transmitter of money" means a licensee, as such term is defined in

subdivision two of section six hundred forty of this chapter, a bank,

trust company, private banker, savings bank and savings and loan

association, a credit union, foreign banking corporation licensed

pursuant to article two of this chapter and any investment company which

either directly or through agents transacts the business in this state

of selling or issuing New York instruments.

9. "New York traveler's check" means an instrument, regardless of its

form, specifically identified on the instrument as a traveler's check,

and issued in either written form, with a provision for a specimen

signature of the purchaser to be completed at the time of purchase and a

counter-signature of the purchaser to be completed at the time of its

negotiation, or in electronic form with provision for the electronic

equivalent of the specimen signature and counter signature, and, in

either case, sold in New York. An instrument shall not be identified as

a traveler's check if it fails to comply, as the case may be, with

either the written or electronic signature requirements of this

subdivision.

10. "Uninsured transmitter of money" means a transmitter of money

other than a banking organization, whose New York instruments are

uninsured by a federal insuring agency.