§ 285 — Definitions

New York § 285

• Jurisdiction: New York
• Law PEP: Personal Property
• Art. 8-B: Proceeding For Discovery of Names and Addresses of Bondholders

Text

§ 285. Definitions. As used in this article:\n 1. The term "bond" means (a) a bond, note or other obligation of any\nkind or nature, whether secured or unsecured, which is part of an issue\nheld by more than one person, or (b) a certificate or other instrument\nwhich is part of an issue held by more than one person evidencing any\ninterest in any bond, note or other obligation of any kind or nature,\nwhether secured or unsecured.\n 2. The term "bondholder" means the owner of a bond.\n 3. The term "obligor" includes the obligor of a bond as defined in\nclause (a) of paragraph one of this section; the obligor of an\nobligation, interests in which are evidenced by a bond as defined in\nclause (b) of paragraph one of this section; and the owner of any\nproperty securing any bond or any such obligation.\n 4. The term "trust indenture" means any agreement, conveyance,\ntransfer, mortgage or other instrument, pursuant to which bonds are\nissued, or which affect the rights of bondholders.\n 5. The term "trustee" includes any person to whom any property has\nbeen transferred as security for an issue; any person who is the obligee\nor holder of an obligation, interests in which are evidenced by a bond\nas defined in clause (b) of paragraph one of this section; and any\nperson who, under the terms of a trust indenture, is granted rights or\nremedies which may be exercised for the benefit of bondholders.\n 6. The term "default" means any non-compliance for thirty days or more\nby the obligor with any provision of a bond or of a trust indenture,\nwhether or not under the terms of such bond or such trust indenture such\nnon-compliance is regarded as a default, and whether or not any period\nof grace or other period prescribed in such bond or such trust indenture\nas a prerequisite for taking any action has expired.\n 7. The term "qualified bondholder" means any bondholder who (a) has\nacquired a bond by purchase before the default or the institution of\nproceedings which is the basis of an application under section two\nhundred eighty-six and in any event at least one year before the making\nof such application, unless such bondholder shall have been an original\npurchaser or (b) who has acquired a bond by gift or inheritance from a\nbondholder who acquired the same by purchase before the default or the\ninstitution of proceedings which is the basis of an application under\nsection two hundred eighty-six and in any event at least six months\nbefore the making of such application; provided, however (a) that such\nbond was not purchased for the purpose of making such an application;\n(b) that the list of bondholders shall not be for the purpose of\ncommunicating with bondholders in the interests of an object other than\nthe particular indenture securing the issue of bonds; and (c) that such\npetitioner has not within five years sold or offered for sale any list\nof stockholders of any corporation, or aided or abetted any person in\nprocuring any stock list for any such purpose or sold or offered for\nsale any list of bondholders of any obligor or aided or abetted any\nperson in procuring such a list for any such purpose.\n