N.Y. Comp. Codes R. & Regs. tit. 2 § 100.4

Current through Register Vol. 46, No. 50, December 11, 2024

Section 100.4 - Transfers

(a) All registered bonds, notes and other obligations of the State presented for transfer shall be presented to the State fiscal agent and shall be duly dated and assigned by or on behalf of the registered owner thereof. Unless the signature of the assignor is on file with the State fiscal agent, the signature of the person requesting such assignment shall be guaranteed by a bank, trust company, savings bank, savings and loan association, or federally or State-chartered credit union located and authorized to do business in the State of New York, or guaranteed by a member firm of the New York Stock Exchange. The full legal name and address of the transferee must also be supplied. Three days (excluding Saturdays, Sundays and holidays) will usually be required to complete the transfer. For every transfer, the State fiscal agent may make a charge sufficient to reimburse it for any tax, fee or other governmental charge required to be paid with respect to such transfer, which sum shall be paid by the person requesting the transfer as a condition precedent to the exercise of the privilege of making such transfer. The cost of preparing each new bond upon each transfer shall be paid by the State.

(b) In addition to the foregoing, the following specific requirements should be fulfilled. (Although these requirements are set forth for the information and guidance of holders of State obligations, it should be recognized that additional requirements may be imposed by the State fiscal agent in any case, depending on the particular circumstances involved.)

(1) Agents or attorneys. No transfers of bonds will be made into the name of an individual, as agent or attorney. When bonds are presented for transfer and the assignment is executed by an agent or attorney of the registered owner, such assignment shall be by the agent or attorney in his representative capacity and there shall be submitted either the original power of attorney or a copy thereof certified under recent date (not more than 60 days). If the power of attorney has been filed as a public record, the official recorder shall make such certification, otherwise the certification shall be by:

(i) a bank, trust company, savings banks, savings and loan association, or federally or State-chartered credit union located and authorized to do business in the State of New York, the official signatures of which can be verified in New York City;

(ii) a member firm of the New York Stock Exchange; or

(iii) such other guarantors as shall be acceptable to the State fiscal agent.

The full power of attorney (rather than an extract therefrom) should be submitted and proof given that the power of attorney has not been revoked by death or incompetency of the grantor, or a guaranty that the grantor is alive and competent shall be supplied.

(2) Committee for an incompetent. On transfers of bonds registered in the name of the committee for an incompetent person, there shall be submitted:

(i) copy of appointment of the committee, certified under a recent date (not more than 60 days); and

(ii) copy of court order authorizing the disposition of the bonds, certified under a recent date (not more than 60 days).

The full court order (rather than an extract therefrom) shall be submitted. On transfers into such a registration, there shall be submitted a copy of appointment of the committee, certified under a recent date (not more than 60 days).

(3) Guardians. On transfers of bonds into or out of the name of a guardian, there shall be submitted:

(i) letters of guardianship certified under a recent date (not more than 60 days); and

(ii) copy of court order, certified under a recent date (not more than 60 days).

The full court order (rather than an extract therefrom) shall be submitted. If the transfer is from a guardian to his ward, evidence of termination of guardianship shall also be submitted.

(4) Estates of deceased persons.

(i) On transfers of bonds in which the estate of a deceased person is involved, it is suggested that the representative of the estate supply full particulars of the transfer desired to the State fiscal agent, and request it to furnish information as to what supporting papers will be required to effect the desired transfer.

(ii) On transfers out of the name of a decedent or out of the name of an executor, if the decedent died testate, the usual requirements are:

(a) certified copy of will;

(b) copy of appointment of the executor, certified under a recent date (not more than 60 days);

(c) New York State tax waiver;

(d) unless the disposition is authorized by the will, a complete copy (not an extract) of a court order granting such authority shall be supplied, certified under a recent date (not more than 60 days); and

(e) unless the appointment of the executor indicates that the will has been admitted to probate in a state of the United States, a Federal tax waiver (release of lien) shall also be supplied.

If the decedent died intestate the requirements are usually similar to those imposed when the decedent died testate, as described in clauses (c), (d) and (e) of this subparagraph. In addition, a copy of the appointment of the administrator, certified under a recent date (not more than 60 days), shall be supplied. Additional requirements may be imposed in many cases.

(iii) On transfers of bonds into the name of an executor resulting from purchases by such executor, a certified copy of the will and a copy of appointment of the executor, certified under recent date (not more than 60 days), shall be supplied.

(5) Trusts.

(i) On transfers of bonds into the name of a trustee, a certified copy of the will or other trust instrument must be submitted. Such certified copy will be returned if a plain copy is also submitted for retention by the State fiscal agent. The certification shall be made by:

(a) a court;

(b) a bank, trust company, savings banks, savings and loan association, or federally or State-chartered credit union located and authorized to do business in the State of New York;

(c) a member firm of the New York Stock Exchange; and

(d) such other person as shall be acceptable to the State fiscal agent.

On testamentary trusts evidence of the appointment of the trustee, certified under a recent date (not more than 60 days), shall be submitted in addition.

(ii) On transfers of bonds out of the name of a trustee, there shall be submitted certified and plain copies of the will or other trust instrument (unless theretofore filed), the certified copy being returnable. In addition, if a testamentary trust is involved, evidence of the appointment of the trustee, certified under a recent date (not more than 60 days), shall be submitted. If there are two or more trustees all must execute the assignment, unless the trust instrument provides otherwise.

(6) Corporations. On transfers of bonds registered in the name of a corporation, the bonds shall be assigned by the corporation acting through its duly authorized officer. There shall be submitted a certified copy of a resolution of the corporation's board of directors (adopted at a regularly called meeting at which a quorum of the directors was present and voting throughout, and so certified), or a certified copy of bylaws, granting signatory powers to the officer who executed the assignment and authorizing the sale, assignment and delivery of the securities. The resolution shall be certified as in full force and effect at the date of the certificate, which shall bear the imprint of the corporation's seal, or if it has no seal, the resolution must state that fact in lieu of a seal. The officer signing such certificate shall not be the same as the one executing the assignment. If the resolution designates signing officers by title, there shall also be submitted a certificate of the election and incumbency of the signing officer.

(7) Partnerships. On transfers of bonds out of the name of a partnership, the assignment shall be executed in the firm name by one of the partners or by an authorized agent of the partnership.

(8) No change in ownership. An appropriate endorsement must be supplied on transfers of bonds involving a change of name but no change in ownership. In addition, an instrument shall be furnished setting forth the particulars of the change of name of the registered owner and guaranteeing to save the State and the State fiscal agent harmless from any loss or damage which may arise by reason of making the transfer requested. This instrument shall be executed by:

(i) a bank, trust company, savings banks, savings and loan association, or federally or State-chartered credit union located and authorized to do business in the State of New York;

(ii) a member firm of the New York Stock Exchange; or

(iii) such other person as shall be acceptable to the State fiscal agent.

If the change of name was authorized in court proceedings, a certified copy of the full court order (not an extract therefrom) shall be submitted. Certified copies of agreements of merger, consolidation, certificates of change of corporate name, etc., shall be submitted, if involved.

(9) General. Additional transfer requirements may be imposed by the State fiscal agent in any case, whether or not of the foregoing types, depending on the particular circumstances involved.

N.Y. Comp. Codes R. & Regs. Tit. 2 § 100.4