Written by Brian Spiro • November 22nd, 2016
There are special provisions for the transfer of a Medallion owned by a Decedent. In order to transfer a Medallion, one must look to Chapter 58 of the New York City Taxi and Limousine Commission Rule Book. The Executor, Personal Representative, or Administrator of Decedent’s estate is required to submit a certified death certificate together with the certified letters of administration, or in the case of non-New York domiciliary, ancillary letters of administration or ancillary letters testamentary.
Chapter 58 of the Rule Book is the exclusive method for transferring ownership of the Medallion. Careful adherence to these procedures is advised.
Part (a) - Notice, provides that:
Notice of the death or the declaration of incompetency of a Medallion Owner must be given to the Chairperson promptly upon the occurrence. A Medallion Owner which is a Business Entity must also give prompt notice upon the death or the declaration of incompetency of a shareholder, partner, or member of a Business Entity.
A fine of $250 may be assessed for a failure to notify the Chairperson. See § 58-48(a).
- 58-48(b)(2) provides that a distribution of interest in a Medallion to a legatee in trust may be had only if the distribution is made to a trust for the benefit of a minor and the ownership interest is in the stock of a corporation, or the interest is in membership of an LLC that owns one or more Medallions. See §58-48(b)(2)(i).
This part further provides that:
(ii) The ownership interest in the Taxicab Medallion must be distributed out of the trust within 60 days after the date on which the beneficiary reaches the age for ownership of a Taxicab Medallion (see §58-04(b)).
(iii) The beneficiary must apply and be approved as a Transferee under these Medallion Transfer rules before the transfer will be effective.
(iv) Notice must be given to the Chairperson promptly upon the beneficiary reaching the age for ownership of a Taxicab Medallion.
Please be advised that there are additional mandatory requirements for the temporary operation of the Medallion taxicab following Decedent’s death.
The attorneys at Clark Skatoff PA are licensed in several states including New York and handle probate, trust and guardianship litigation. We handle complex, multi-state probate and trust disputes. We may be reached at (212) 256-1014