N.Y. Local Finance Law § 74.00: Conversion and reconversion of notes

§ 74.00 Conversion and reconversion of notes. a. A note payable to

bearer, if it so provides, shall be converted into a registered note at

the request of the holder. The registration agent shall register such

note in his books in the name of the holder and endorse a certificate of

such registration upon the note. In like manner, at the written request

of the registered holder of the note so converted, or his legal

representatives, successors, or transferees, the registration agent

shall reconvert such note into a note payable to bearer by registering

such note in his books as payable to bearer and endorsing a certificate

of such registration upon the note. Such request shall be duly

acknowledged or proved, or in the alternative the signature thereto

shall be certified as to its genuineness by an officer of a bank or

trust company located and authorized to do business in this state. Such

note may again and from time to time be converted into a registered note

and reconverted into a note payable to bearer in the manner provided in

this paragraph.

b. A note issued in registered form, if it so provides, shall be

converted into a note payable to bearer at the written request of the

registered holder, or his legal representatives, successors, or

transferees. Such request shall be duly acknowledged or proved, or in

the alternative the signature thereto shall be certified as to its

genuineness by an officer of a bank or trust company located and

authorized to do business in this state. The registration agent shall

register such note in his books as payable to bearer, and shall endorse

a certificate of such registration upon the note. In like manner, at the

request of the holder of a note so converted, the registration agent

shall reconvert such note into a registered note by registering such

note in his books in the name of the holder and endorsing a certificate

of such registration upon the note. Such note may again and from time to

time be converted into a note payable to bearer and reconverted into a

registered note in the manner provided in this paragraph.