N.Y. Comp. Codes R. & Regs. tit. 20 § 360.8

Current through Register Vol. 45, No. 45, November 15, 2023

Section 360.8 - Payment or certification of checks drawn before decedent's death

(a) Any check drawn by a decedent before his death, which a bank may be authorized to pay or certify within 10 days after his death pursuant to section 4-405(2) of the Uniform Commercial Code, may be paid or certified without estate tax waiver, without notice to the State Tax Commission and without retaining any part of the deposit on account of estate tax.

(b) Checks drawn on or prior to the date of death by any person other than the decedent, such as an agent or attorney in fact, upon an account in the decedent's name, or, in the case of an account in the joint names of the decedent and another person, checks drawn on or prior to the date of death by the surviving joint depositor, may also be paid or certified within 10 days after the date of death without estate tax waiver, without notice to the State Tax Commission and without retaining any part of the deposit on account of estate tax.

(c) However, if the total of all checks paid or certified in the period of 10 days after death exceeds $30,000, in the case of the account in the name of a decedent dying after June 30, 1978, or in the case of an account in the joint name of such a decedent and another person, the bank shall notify the State Tax Commission within 45 days after the date of death. However, in the case of a decedent dying before July 1, 1978, such notification was required if the total exceeded $2,000. Such notice to the State Tax Commission shall be in substantially the form shown in subdivision (d) of this section.

(d) Waivers shall be required for the balance remaining in such accounts only if such balance, plus other deposits and assets at the same bank belonging to or standing in the name of said decedent dying after June 30, 1978, or in the joint names of such a decedent and one or more other persons, 10 days after the date of death, are in excess of $30,000. In the case of a decedent dying before July 1, 1978, waivers are required if such balance plus such other deposits are in excess of $2,000. The form of notice to be mailed by the bank to the State Tax Commission is as follows:

NOTICE OF PAYMENTS OR CERTIFICATIONS

________

To: State Tax Commission

Audit Division-Estate Tax Section

State Campus

Albany, N.Y. 12227

Name of decedent............

Date of death............

Residence address............

Notice is hereby given that the undersigned has paid or certified checks for a total amount in excess of $30,000 drawn on the account or accounts of the decedent named:

Balance on the date of death............ ________

Total amount of checks paid or certified within

10 days after death............ ________

Balance............ ________

............

(Paying or Certifying Bank)

............

(Address)

By:............

(Officer)

N.Y. Comp. Codes R. & Regs. Tit. 20 § 360.8

The above notice, in duplicate, must be mailed within 45 days after date of decedent's death.