§ 653 — Definitions

§ 653. Definitions. 1. "Claimant", when used in this article, means a\npurchaser or holder of a New York instrument.\n 2. "Federal insuring agency", when used in this article, means the\nFederal Deposit Insurance Corporation or the National Credit Union\nAdministration.\n 3. "Fund", when used in this article, means the state transmitter of\nmoney insurance fund as provided for in this article.\n 4. "Holder", when used in this article, means a person, other than a\npurchaser, who is either (i) in possession of a New York instrument and\nis the named payee thereon, or (ii) in possession of a New York\ninstrument issued or endorsed to him or bearer or in blank; provided,\nhowever, that no person who is in possession of a lost, stolen or forged\nNew York instrument or who is in possession of a New York instrument by\nvirtue of the fact that he is the surety on a bond required by\nsubdivision one of section six hundred forty-three of this chapter or is\na receiver or trustee, whether in bankruptcy or otherwise, for an\nuninsured transmitter of money shall be deemed a "holder" thereof.\n 5. "Insured transmitter of money" means a transmitter of money whose\nNew York instruments are insured by a federal insuring agency.\n 6. "New York instrument" means a money order, check, draft or other\ninstrument or document for the transmission or payment of money, or\nwhich evidences an obligation for the transmission or payment of money,\nor which evidences the purchase or deposit of funds for the purchase of\nany such instrument or document, sold in New York, but shall not include\na New York traveler's check.\n 7. "Purchaser" means a person who buys or has bought a New York\ninstrument from an uninsured transmitter of money or agent thereof.\n 8. "Transmitter of money" means a licensee, as such term is defined in\nsubdivision two of section six hundred forty of this chapter, a bank,\ntrust company, private banker, savings bank and savings and loan\nassociation, a credit union, foreign banking corporation licensed\npursuant to article two of this chapter and any investment company which\neither directly or through agents transacts the business in this state\nof selling or issuing New York instruments.\n 9. "New York traveler's check" means an instrument, regardless of its\nform, specifically identified on the instrument as a traveler's check,\nand issued in either written form, with a provision for a specimen\nsignature of the purchaser to be completed at the time of purchase and a\ncounter-signature of the purchaser to be completed at the time of its\nnegotiation, or in electronic form with provision for the electronic\nequivalent of the specimen signature and counter signature, and, in\neither case, sold in New York. An instrument shall not be identified as\na traveler's check if it fails to comply, as the case may be, with\neither the written or electronic signature requirements of this\nsubdivision.\n 10. "Uninsured transmitter of money" means a transmitter of money\nother than a banking organization, whose New York instruments are\nuninsured by a federal insuring agency.\n