(a) Notice. 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.
35 RCNY § 58-48(a) | Fine: $250 for failure to notify. | Appearance NOT REQUIRED |
(b) Distribution of Interest in Medallion to Legatee.
(1) To A Legatee. When a Medallion(s) or an interest in a company or corporation that owns a Medallion(s) is distributed from an estate, the Legatee recipient must qualify as a Transferee under the applicable rules in this Chapter 58, and must submit the following additional documents to the Commission:
(i) A certified copy of the death certificate of the former Owner listed with the Commission;
(ii) A certified copy of letters testamentary or letters of administration and for an estate not in New York, a certified copy of ancillary letters testamentary or letters of administration covering the estate's New York property, which letters:
A. Must have been issued no earlier than six months prior to the date of submission
B. Must be unqualified as to the amount of estate assets that the Executor is authorized to administer and distribute or, if the amount is qualified, it must be in excess of the value of the Medallion(s) to be operated or transferred.
(iii) A certified copy of the will, if any.
(2) Additional Requirements for Distribution to a Legatee in Trust.
(i) An interest in a Medallion Taxicab can only be distributed to a Trust if the distribution is made to a trust for the benefit of a minor and:
A. The ownership interest is in the stock of a corporation, or
B. The interest is in membership of an LLC that owns one or more Medallions.
(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 35 RCNY § 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.
(c) Additional Requirements for Temporary Operation of Medallion Taxicab.
(1) If an Owner of an interest in a Taxicab Medallion dies or is declared incompetent by a court of competent jurisdiction, the Medallion can continue to be operated by an Agent for a period of up to 120 days following the date of death or declaration of incompetency.
(2) If, during the 120-day period, an Administrator is appointed, the administrator will have 60 days from the date of appointment to apply and be approved under the applicable Medallion Transfer rules to operate the Medallion; an Agent can continue to operate the Medallion during this 60-day period.
(3) If the decedent or incompetent Owner was an Independent Medallion Owner, the Owner-Must-Drive Rule (see 35 RCNY § 58-05(d)) will be waived for the 120-day period as well as during the 60-day period following the appointment of an Administrator, if the appointment occurs during the 120-day period; the Owner-Must-Drive rule will apply to an Administrator who is approved to operate the Taxicab.
(4) If no one has been approved by the Commission to operate the Medallion by the end of the 120-day period, the Medallion must be placed in storage until an Administrator or new person has qualified to operate the Medallion.
(5) If no Administrator, Legatee or other new owner associated with the estate has qualified to operate the Medallion by the end of the 180-day period from the date of the death or declaration of incompetency of the Owner:
(i) The interest in the Medallion must be transferred to a Transferee who has applied and been approved as a Transferee by the Commission.
(ii) The Medallion must remain in storage until the transfer is effective.
35 RCNY § 58-48(c) | Revocation may be ordered if medallion operated beyond, or not transferred by, the periods specified. | Appearance NOT REQUIRED |