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Industry Letters

New York Disaster - Guidance Letter 2


September 24, 2001

TO EACH INSTITUTION ADDRESSED:

RE: Serving Customers Affected by the Terrorist Attacks

I would like to alert you to certain actions taken by Governor George E. Pataki to facilitate access to bank deposits and money market funds of victims of the recent disaster by their spouses and guardians or caregivers for their minor children. Specifically, acting pursuant to Executive Order Number 113.24, issued on September 24, 2001, until further notice, Governor Pataki has acted to temporarily suspend, alter and modify Sections 4-104(1)(e), 4-405, and 8-107(a) of the New York Uniform Commercial Code to ensure that needed funds are made available to families affected by the recent disasters. The aggregate amount of funds available pursuant to these actions is limited to $15,000.

Pursuant to the Executive Order, I have issued a streamlined form of Affidavit to be used for this purpose. Financial institutions are strongly encouraged to download this form from the Banking Department’s website and make copies readily available for their customers.

Financial institutions seeking additional guidance regarding the use of the above modifications may contact Sara Kelsey, Deputy Superintendent and Counsel at (212) 909-4556, Gene Brooks, Acting First Assistant Counsel at (212) 909-4596, or Steven Barras, Assistant Counsel at (914) 288-2033. A copy of the Governor’s Executive Order and the prescribed form of affidavit are attached.

Very truly yours, 

Elizabeth McCaul
Superintendent of Banks

Executive Order Language for Access to Bank Accounts
Spouse/Caregiver Affidavit