2006 New York Code - Amount; Condition; Number Of Sureties; Obligees

 
  § 801.  Amount; condition; number of sureties; obligees
    1.    Amount.    Whenever  a  fiduciary  or legal life tenant shall be
  required to file a bond, the amount thereof, except where the court  has
  reduced it or dispensed therewith, shall be fixed as follows:
 
  (a) Executor, administrator,           (a) Not Less Than:
      administrator c. t. a.,               i. Value of all personal
      administrator d. b. n.,                  property receivable
      and temporary administrator.             by the fiduciary.
                                           ii. Estimated gross rents
                                               of real property
                                               receivable by the
                                               fiduciary for 18
                                               months.
                                          iii. Probable recovery in
                                               any cause of action
                                               prosecuted by the
                                               fiduciary.
 
    In  fixing  the  amount  of a bond under this paragraph the court must
  also take into consideration  in  the  case  of  a  successor  executor,
  administrator,  administrator  c.  t. a., or administrator d. b. n., how
  much of the estate, if any, has already been administered.
    No bond shall be required of any of the above mentioned fiduciaries if
  the value of the assets to be administered does not exceed the  monetary
  amount  defined as a small estate pursuant to subdivision one of section
  1301 of this act.
 
  (b) Guardian of the property           (b) Not less than:
      of an infant                           i. Value of all personal
                                               property receivable
                                               by the guardian.
                                           ii. Estimated gross rents
                                               of real property
                                               receivable by the
                                               guardian for three
                                               years.
                                          iii. Estimated gross income
                                               for three years from
                                               sources other than
                                               moneys or other assets
                                               committed to the
                                               guardian for
                                               administration.
 
  (c)   i. Testamentary trustee, or      (c)  In such amount as
           executor required to hold,         the court directs.
           manage or invest property
           for the benefit of another,
       ii. ancillary fiduciaries,
      iii. guardian of the person of an
           infant,
 
       iv. legal life tenant, or
 
        v. any case not provided for in
           this article where the filing


           of a bond is required.
 
    (d)    In  granting  limited  and  restrictive letters pursuant to the
  provisions of 702 the court may dispense with a bond altogether  or  fix
  the amount at such sum as it may deem sufficient.
    (e)    In  addition  to such powers as are conferred by CPLR 2508, the
  court may at any time increase or decrease the bond of  a  fiduciary  or
  legal life tenant when good reason therefor appears.
    (f)  In fixing the amount of a bond, the court may require evidence as
  to  the  character  and  value  of  the  assets  to  be committed to the
  fiduciary and may examine the applicant or any other person  under  oath
  or take such other steps as it deems necessary.
    2.    Condition.   Unless the court directs otherwise the condition of
  the bond shall be that  the  fiduciary  will  faithfully  discharge  his
  trust, obey all lawful decrees and orders touching the administration of
  the  assets  committed  to  him  including but not limited to decrees or
  orders directing repayment of amounts allowed as advances on commissions
  and render a verified account of his administration whenever required to
  do so by the court.  In the case of a legal life  tenant  the  condition
  shall be that the principal account for and deliver to his successors in
  interest the property held as life tenant.
    3.    Sureties.    The court may authorize or direct the execution and
  filing of a bond with a sole surety or with two or more sureties  or  it
  may dispense with sureties altogether when good reason therefor appears.
    4.  Obligees of bond.  The bond of a fiduciary shall run to the people
  of  the  state  for  the  security  and  benefit  of the persons then or
  thereafter interested in the estate.