2006 New York Code - Effect And Contents Of Decree Suspending, Modifying Or Revoking Letters Or Removing A Lifetime Trustee Or Suspending Or Modifying His Powers

 
  § 720. Effect  and  contents of decree suspending, modifying or revoking
           letters  or  removing  a  lifetime  trustee  or  suspending  or
           modifying his powers
    Upon  the entry of a decree made as prescribed in this act, removing a
  fiduciary or suspending, modifying or revoking his letters issued  to  a
  fiduciary,  his powers are suspended, modified or cease, as the case may
  be.  The decree may require him to  account  for  all  money  and  other
  property received by him and to pay over and deliver all money and other
  property in his hands, to the court or to his successor or to such other
  person  as is authorized by law to receive it, or it may be made without
  prejudice to an action or  special  proceeding  for  that  purpose  then
  pending   or   thereafter  to  be  brought.    The  removal  suspension,
  modification or revocation does not  affect  the  validity  of  any  act
  within the powers of the fiduciary done by him before his removal or the
  suspension,  modification or revocation of his letters or the service of
  process, where the other party acted in good faith, or  done  after  the
  service  of process and before entry of the decree where his powers with
  respect thereto were not suspended or modified by service of process  or
  where  the  court  in  a case prescribed by law, permitted him to do the
  same, notwithstanding the pendency of the special proceeding against him
  and he is not liable for such an act done by him in good faith.
    Where an executor or administrator is also a testamentary  trustee  of
  the   same  estate,  a  decree  revoking  his  letters  as  executor  or
  administrator does not affect his power  or  authority  as  testamentary
  trustee,  except  in  the  case specially prescribed for that purpose in
  1505.