270-c. Transfers by operation of law; special exemptions. No transaction taxable under sections two hundred seventy and two hundred seventy-a of this chapter shall be exempt because effected by operation of law. The tax imposed by sections two hundred seventy and two hundred seventy-a of this chapter shall not be imposed upon any delivery or transfer:
1. From a decedent to his executor or administrator;
2. From a minor to his guardian or from a guardian to his ward upon attaining majority;
3. From an incompetent to his committee or similar legal representative, or from a committee or similar legal representative to a former incompetent upon removal of disability;
4. From a conservatee to his conservator, or from a conservator to a former conservatee upon cessation of the conservatorship.
5. From a bank, trust company, financial institution, insurance company, or other similar entity, or nominee, custodian, or trustee therefor, to a public officer or commission, or person designated by such officer or commission or by a court, in the taking over of its assets, in whole or in part, under state or federal law regulating or supervising such institutions, nor upon redelivery or retransfer by any such transferee or successor thereto;
6. From a bankrupt or person in receivership due to insolvency to the trustee in bankruptcy or receiver, from such receiver to such trustee or from such trustee to such receiver, nor upon redelivery or retransfer by any such transferee or successor thereto;
7. From a transferee under paragraphs one to six, inclusive, to his successor acting in the same capacity, or from one such successor to another;
8. From a foreign country or national thereof to the United States or any agency thereof, or to the government of any foreign country directed pursuant to the authority vested in the president of the United States by section five (b) of the trading with the enemy act (40 Stat. 415), as amended by the first war powers act (55 Stat. 838);
9. From trustees to surviving, substitute, succeeding or additional trustees of the same trust;
10. Upon the death of a joint tenant or tenant by the entirety, to the survivor or survivors.
11. Made in obedience to an order of the Federal Securities and Exchange Commission which has become or becomes final in accordance with law, provided that such order recites that the delivery or transfer is necessary or appropriate to effectuate the provisions of section eleven (b) of the Public Utility Holding Company Act of Nineteen Hundred Thirty-five and specifies and itemizes the securities which are ordered to be delivered or transferred;
12. Made to effectuate any plan of reorganization or adjustment (1) confirmed under the act entitled "An act to establish a uniform system of bankruptcy throughout the United States," approved July first, eighteen hundred ninety-eight, as amended, (2) approved in an equity receivership proceeding in court involving a corporation, or (3) under sections one hundred nineteen to one hundred twenty-three of the real property law or article nine of the stock corporation law.
13. Made to effectuate any plan of reorganization or adjustment required by a decree of the court under the anti-trust laws of the United States or any territory thereof, or of any state or the District of Columbia.
14. Of the capital stock of no more than one corporation organized under or subject to either articles three or seven of the banking law, delivered or transferred, as provided in section one hundred forty-three-a of the banking law, in exchange for shares or other securities of a company substantially all of the assets of which will consist of said capital stock immediately after such exchange.
The tax commission may require that each such delivery or transfer be accompanied by a certificate setting forth the facts.
Last modified: February 3, 2019