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held

English translation: in the possession of/in the hands of/kept by/with

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
English term or phrase:held
English translation:in the possession of/in the hands of/kept by/with
Entered by: Terry Burgess
Options:
- Contribute to this entry
- Include in personal glossary

22:58 Nov 8, 2007
English to English translations [PRO]
Bus/Financial - Law: Contract(s)
English term or phrase: held
I can't quite understand what the word ,,held'' means in the following text:

,,NYBL § 492(1) requires any entity engaging "in the business of a sales finance company in this state to obtain a license therefor...from the Superintendent, as provided in this article." NYBL § 491(7) defines a "sales finance company" to include any entity "engaged, in whole or in part, directly or indirectly, in the business of purchasing or otherwise acquiring retail installment contracts... [entered into in this state]."

Any person who violates or participates in the violation of NYBL § 492(1) is guilty of a misdemeanor, and, upon conviction, will be fined not more than five hundred dollars or imprisoned for not more than six months or both, in the discretion of the court. It is important to note that NYBL is silent regarding the continued validity and enforceability of retail installment contracts *held* by an unlicensed sales finance company.''

Could anybody help me with this one?
Grzegorz Mysiński
Poland
Local time: 20:29
in the possession of/in the hands of
Explanation:
That's as I understand it.
Luck!

--------------------------------------------------
Note added at 14 mins (2007-11-08 23:13:27 GMT)
--------------------------------------------------

Grzegorz:
Thanks to Toby, you now have another good option: "being kept by".
Selected response from:

Terry Burgess
Mexico
Local time: 13:29
Grading comment
Thanks a lot!
4 KudoZ points were awarded for this answer

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Summary of answers provided
4 +4contracts *with* an unlicensed...
Michael Tovbin
3 +4in the possession of/in the hands of
Terry Burgess


  

Answers


4 mins   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): +4
in the possession of/in the hands of


Explanation:
That's as I understand it.
Luck!

--------------------------------------------------
Note added at 14 mins (2007-11-08 23:13:27 GMT)
--------------------------------------------------

Grzegorz:
Thanks to Toby, you now have another good option: "being kept by".

Terry Burgess
Mexico
Local time: 13:29
Native speaker of: Native in EnglishEnglish
PRO pts in category: 4
Grading comment
Thanks a lot!

Peer comments on this answer (and responses from the answerer)
agree  T o b i a s : or 'being kept by"
1 min
  -> Now that one escaped me! Thanks, Toby

agree  Alejandra Hozikian
3 mins
  -> Thanks, Alejandra:-)

agree  niczav
5 mins
  -> Thanks, niczav:-)

agree  orientalhorizon
5 hrs
  -> Thanks, orientalhorizon:-)

agree  V_N: what I understand is that NYBL can't take a side for contracts that these unlicensed sales finance companies have.
10 hrs
  -> Thanks again, "V":-)

disagree  xxxTatiana N.: the actual contract papers can be in the possession of whoever which does not create standing in the person of the holder, mere possession means nothing
23 hrs
  -> :-)
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26 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +4
contracts *with* an unlicensed...


Explanation:
or owned by

Michael Tovbin
United States
Local time: 13:29
Works in field
Native speaker of: Native in EnglishEnglish, Native in RussianRussian

Peer comments on this answer (and responses from the answerer)
agree  Richard Benham: Contracts aren't really owned or in the possession of anybody. The issue could be grandfathering: whether contracts already in existence (one party to which was an unlicensed loan co.) before the law came into effect would still be enforceabe afterwards.
49 mins

agree  orientalhorizon
5 hrs

agree  Erich Ekoputra
6 hrs

agree  xxxTatiana N.: agree with Richard - it might be about grandfathering (in this case, rather about assignment of K to an unlicensed company), or but about lapsing of license in the original party to K
23 hrs
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Changes made by editors
Nov 12, 2007 - Changes made by Terry Burgess:
Created KOG entryKudoZ term » KOG term


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