§ 653. Definitions. 1. "Claimant", when used in this article, means a
purchaser or holder of a New York instrument.

2. "Federal insuring agency", when used in this article, means the
Federal Deposit Insurance Corporation or the National Credit Union
Administration.

3. "Fund", when used in this article, means the state transmitter of
money insurance fund as provided for in this article.

4. "Holder", when used in this article, means a person, other than a
purchaser, who is either (i) in possession of a New York instrument and
is the named payee thereon, or (ii) in possession of a New York
instrument issued or endorsed to him or bearer or in blank; provided,
however, that no person who is in possession of a lost, stolen or forged
New York instrument or who is in possession of a New York instrument by
virtue of the fact that he is the surety on a bond required by
subdivision one of section six hundred forty-three of this chapter or is
a receiver or trustee, whether in bankruptcy or otherwise, for an
uninsured transmitter of money shall be deemed a "holder" thereof.

5. "Insured transmitter of money" means a transmitter of money whose
New York instruments are insured by a federal insuring agency.

6. "New York instrument" means a money order, check, draft or other
instrument or document for the transmission or payment of money, or
which evidences an obligation for the transmission or payment of money,
or which evidences the purchase or deposit of funds for the purchase of
any such instrument or document, sold in New York, but shall not include
a New York traveler's check.

7. "Purchaser" means a person who buys or has bought a New York
instrument from an uninsured transmitter of money or agent thereof.

8. "Transmitter of money" means a licensee, as such term is defined in
subdivision two of section six hundred forty of this chapter, a bank,
trust company, private banker, savings bank and savings and loan
association, a credit union, foreign banking corporation licensed
pursuant to article two of this chapter and any investment company which
either directly or through agents transacts the business in this state
of selling or issuing New York instruments.

9. "New York traveler's check" means an instrument, regardless of its
form, specifically identified on the instrument as a traveler's check,
and issued in either written form, with a provision for a specimen
signature of the purchaser to be completed at the time of purchase and a
counter-signature of the purchaser to be completed at the time of its
negotiation, or in electronic form with provision for the electronic
equivalent of the specimen signature and counter signature, and, in
either case, sold in New York. An instrument shall not be identified as
a traveler's check if it fails to comply, as the case may be, with
either the written or electronic signature requirements of this
subdivision.

10. "Uninsured transmitter of money" means a transmitter of money
other than a banking organization, whose New York instruments are
uninsured by a federal insuring agency.