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What is NYC AC § 11-1408?

Quick Answer

This section mandates the comptroller to establish appropriate reserves when a transferee or transferor has applied for a refund and initiated an article seventy-eight proceeding to contest an adverse determination. Applies to individuals involved in refund applications against the city.

General informational summary. Not legal advice for your situation. Consult an attorney before acting on any specific matter.

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§ 11-1408 Reserves.

AC § 11-1408

In cases where the transferee or transferor has applied for a refund and has instituted a proceeding under article seventy-eight of the civil practice law and rules to review a determination adverse to the transferee or transferor on his or her application for refund, the comptroller shall set up appropriate reserves to meet any decisions adverse to the city.

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