ยง 337. Definitions. As used in this article: 1. The words "subdivided
lands" and "subdivision" mean vacant land or lands sold or leased on the
installment plan or offered for sale or lease on such plan and also
vacant land or lands situated outside the state of New York and sold or
leased or offered for sale or lease on the installment plan or upon any
and all other plans, terms and conditions of sale or lease.
2. The word "subdivider" shall include every person, partnership,
corporation, company or association who or which engages directly or
through an agent in the business of selling, leasing or offering for
sale or lease subdivided lands and subdivisions to the public in this
state.
3. The words "installment plan" mean any plan, arrangement or
agreement pursuant to the terms, covenants and conditions whereof the
proposed purchaser of vacant land or lands to be acquired amortizes the
purchase price by periodic payments and whereby the conveyance of title
to the purchaser of such vacant land or lands is deferred until such
time as all said periodic payments have been made and shall also include
the provision in a plan, arrangement or agreement or lease requiring a
consideration from the lessee in addition to the periodic payments as a
condition precedent to the conveyance of title to the lessee.
4. The words "a lease of land or lands on the installment plan" mean
and include a plan, arrangement or agreement whereunder the periodic
payments made are designated as rent and upon the completion of such
payments the lessee is entitled to a conveyance of title to the vacant
land or lands leased.
5. The words "fraudulent practice" or "fraudulent practices" mean any
device, scheme or artifice employed by a subdivider to defraud or obtain
money or property by means of any false pretense, representation or
promise, or that a subdivider makes or attempts to make fictitious or
pretended purchases, sales or leases of vacant land or lands to the
public in this state, or engages in or is about to engage in any
practice or transaction or course of business relating to the purchase,
sale or lease of vacant land or lands which is fraudulent or in
violation of law and which has operated or which would operate as a
fraud upon the purchaser, or that any owner or subdivider as
hereinbefore defined has sold or offered for sale or is attempting to
sell or is offering for sale any vacant land or lands in violation of
the provisions of this article.