Governor Extends Executive Order; IRS Issues Guidance on Checks To Deceased Persons

May 8, 2020 at 8:34 am Leave a comment

Yesterday evening the Governor extended all of his Executive Orders through at least June 6, 2020.  He also further extended the moratorium on foreclosures.

Last evening’s orders specify that there shall be no foreclosure of residential or commercial property

“…for nonpayment of such mortgage, owned or rented by someone that is eligible for unemployment insurance or benefits under state or federal law or otherwise facing financial hardship due to the COVID-19 pandemic…”

Remember that even without this order, the New York courts are not processing foreclosure cases at this time.  The moratorium will remain in effect at least through August 19, 2020.

On another note, you know these are strange times when guidance from the IRS makes national news, but sure enough I was planning on telling you about how the IRS has issued guidance informing members how to return stimulus money to which they are not entitled when NPR broadcast the report about this very subject.

The Association’s Compliance Department will be providing you an excellent analysis of the issue in its weekly newsletter.  Yours truly will just emphasize that the IRS guidance imposes no additional requirements on financial institutions.

That being said, in a non-ACH transaction, when you have advance notice that a stimulus check is made out to a deceased individual, such as a joint check with one of the recipients having recently passed away, I would not negotiate that check.

Now it’s time for me to get ready for my South Korean Fantasy Baseball League Draft.  Play Ball!… and with Sunday being Mother’s Day, it’s time for my favorite quote from former baseball great and Mets announcer Ralph Kiner: “Happy Mother’s Day to all you Father’s out there”.

Entry filed under: Compliance, COVID-19, Mortgage Lending, New York State. Tags: , , .

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Authored By:

Henry Meier, Esq., Senior Vice President, General Counsel, New York Credit Union Association.

The views Henry expresses are Henry’s alone and do not necessarily reflect the views of the Association. In addition, although Henry strives to give his readers useful and accurate information on a broad range of subjects, many of which involve legal disputes, his views are not a substitute for legal advise from retained counsel.

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