N.Y. Not-for-Profit Corporation Law Section 1602
Definitions

The following words and phrases when used in this article shall have the meanings given to them in this section unless the context clearly indicates otherwise:

(a)

“board of directors” or “board” shall mean the board of directors of a land bank;

(b)

“land bank” shall mean a land bank established as a charitable not-for-profit corporation under this chapter and in accordance with the provisions of this article and pursuant to this article;

(c)

“foreclosing governmental unit” shall mean “tax district” as defined in subdivision six of Real Property Tax Law § 1102 (Definitions)section eleven hundred two of the real property tax law;

(d)

“municipality” shall mean a city, village, town or county other than a county located wholly within a city;

(e)

“school district” shall mean a school district as defined under the education law; and

(f)

“real property” shall mean lands, lands under water, structures and any and all easements, air rights, franchises and incorporeal hereditaments and every estate and right therein, legal and equitable, including terms for years and liens by way of judgment, mortgage or otherwise, and any and all fixtures and improvements located thereon.

Source: Section 1602 — Definitions, https://www.­nysenate.­gov/legislation/laws/NPC/1602 (updated Sep. 22, 2014; accessed Feb. 28, 2026).

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Verified:
Feb. 28, 2026

Last modified:
Sep. 22, 2014

§ 1602. Definitions's source at nysenate​.gov

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