Glossary entry (derived from question below)
English term or phrase:
held
English answer:
in the possession of/in the hands of/kept by/with
Added to glossary by
Terry Burgess
Nov 8, 2007 22:58
16 yrs ago
15 viewers *
English term
Poland
held
English
Bus/Financial
Law: Contract(s)
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?
,,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?
Change log
Nov 12, 2007 00:25: Terry Burgess Created KOG entry
Responses
+4
4 mins
Terry Burgess
Mexico
Mexico
Native in English
&
English
Mexico
I place Quality and Accuracy above speed
Native in: English 
Works in: Spanish to English, English
Related KudoZ points
:
4
Selected
in the possession of/in the hands of
That's as I understand it.
Luck!
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Note added at 14 mins (2007-11-08 23:13:27 GMT)
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Grzegorz:
Thanks to Toby, you now have another good option: "being kept by".
Luck!
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Note added at 14 mins (2007-11-08 23:13:27 GMT)
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Grzegorz:
Thanks to Toby, you now have another good option: "being kept by".
4 KudoZ points awarded for this answer.
Comment: "Thanks a lot!"
+4
26 mins
Michael Tovbin
United States
United States
Native in English
&
English
Works in field
United States
Commitment to Quality and Deadlines
Native in: English (Variant: US) 
, Russian (Variant: Standard-Russia)
Works in: Russian to English, French to English, English to Russian, and 1 more.
contracts *with* an unlicensed...
or owned by
Peer comment(s):
| 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 |
ErichEko ⟹⭐
6 hrs
|
| agree |
Tatiana N. (X)
: 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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