Industry Letters

New York Disaster - Guidance Letter 2

No. 113.24

E X E C U T I V E  O R D E R

TEMPORARY SUSPENSION AND MODIFICATION OF PROVISIONS RELATING TO ACCESS TO PROCEEDINGS IN SURROGATE’S COURT AND TO BANK ACCOUNTS AND MONEY MARKET ACCOUNTS BY CERTAIN INDIVIDUALS AS THE RESULT OF TERRORIST ACTS OF SEPTEMBER 11, 2001

WHEREAS, on September 11, 2001, I issued Executive Order Number 113 declaring a disaster emergency in the State of New York;

NOW, THEREFORE, I, GEORGE E. PATAKI, Governor of the State of New York, by virtue of the authority vested in me by the Constitution and Laws of the State of New York, do hereby continue Executive Order No. 113, dated September 11, 2001, except that such Executive Order is amended to read as follows:

FURTHER, pursuant to the authority vested in me by Section 29-a of Article 2-B of the Executive Law to temporarily suspend, alter or modify specific provisions of any statute, local law, ordinance, orders rules or regulations, or parts thereof, of any agency during a State disaster emergency, if compliance with such provisions would prevent, hinder or delay action necessary to cope with the disaster, I hereby temporarily suspend, alter and modify for the period from the date of this Executive Order until further notice, the following laws:

Sections 2401 and 2402 of the Surrogate’s Court Procedure Act, so far as those sections require the payment of filing fees in any matter relating to the estates or affairs of persons missing or deceased as a result of the terrorist attacks on September 11, 2001;

Section 205 of the Surrogate’s Court Procedure Act, so far as it provides that the next of kin of persons missing or deceased as a result of the terrorist attacks on September 11, 2001 are required to file Surrogate’s Court proceedings in the county of the decedent’s domicile at the time of death; and section 205 is modified and altered to allow the next of kin to file in any county of their own choosing;

Section 902 of the Surrogate’s Court Procedure Act, so far as it requires service of process to persons missing or deceased as a result of the terrorist attacks on September 11, 2001;

Paragraph (e) of subdivision (1) of Section 4-104 of the New York Uniform Commercial Code, so far as it relates to a customer that was either employed in the World Trade Center or the Pentagon, or was in such buildings, or in the immediate vicinity, when the terrorist attacks of September 11, 2001 occurred, or was a crew member or passenger on any of the airline flights involved in the disasters on that date, or was a police officer, fire fighter, emergency medical service provider, or rescue volunteer at one of those building sites on that date who is missing or deceased; and for such a customer, the definition of "customer" in paragraph (e) of subdivision (1) of Section 4-104 of the New York Uniform Commercial Code is modified and altered to include within such definition any person who has presented an affidavit (in a form to be determined by the Superintendent of Banks) by which such person states: (i) that he or she is the spouse of such a customer, or if there shall be no spouse, the legal guardian of such customer’s minor children, or if there shall be no spouse and no legal guardian shall have been appointed, the person with whom such customer’s minor children shall reside; and (ii) that he or she has not sought payment of an item or items, together with any redemptions of money market mutual fund shares, with respect to accounts held solely in the name of such customer, in excess of $15,000 in the aggregate;

Section 4-405 of the New York Uniform Commercial Code, to the extent that the death of a customer would revoke the authority of a bank to pay the item or items on the order of the person who presents an affidavit by which such person states that he or she is the spouse of a customer, the legal guardian of such customer’s minor children, or the person with whom such customer’s minor children shall reside, as provided for in the suspension and modification of paragraph (e) of subdivision (1) of Section 4-104 of the New York Uniform Commercial Code by this Order above;

Subdivision (a) of Section 8-107 of the New York Uniform Commercial Code in order to alter and modify the definition of "appropriate person" for the purpose of redemption of money market mutual fund shares of a person that was either employed in the World Trade Center or the Pentagon, or was in such buildings, or in the immediate vicinity, when the events of September 11, 2001 occurred, or was a crew member or passenger on any of the airline flights involved in the disasters on that date, or was a police officer, fire fighter, emergency medical service provider, or rescue volunteer at one of those building sites on that date who is missing or deceased, to the extent New York Law applies, in order to include, with respect to an indorsement, instruction or entitlement order, any person who has presented an affidavit (in a form to be determined by the Superintendent of Banks) by which such person states: (i) that he or she is the spouse of the person specified by a security certificate, the registered owner of an uncertificated security, or the entitlement holder, as applicable, or if there shall be no spouse of such person, the legal guardian of such person’s minor children, or if there shall be no spouse and no legal guardian shall have been appointed, the person with whom such person’s minor children shall reside; and (ii) that such indorsement, instruction or entitlement order, as applicable, and all such indorsements, instructions and entitlement orders, together with any items paid as provided for in the suspension and modification of paragraph (e) of subdivision (1) of Section 4-104 of the New York Uniform Commercial Code by this Order above, with respect to accounts held solely in the name of such person, shall be for a sum or sums not in excess of $15,000 in the aggregate.

G I V E N under my hand and the

BY THE GOVERNOR
/s/ George E. Pataki

/s/ Bradford J. Race, Jr.
Secretary to the Governor