2013 New York Consolidated Laws
EPT - Estates, Powers & Trusts
Article 7 - TRUSTS
Part 2 - (7-2.1 - 7-2.8) RULES GOVERNING TRUSTEES
7-2.3 - Trust estate not to descend on death of trustee; appointment, duties and rights of successor trustee

 
  § 7-2.3 Trust  estate  not  to descend on death of trustee; appointment,
            duties and rights of successor trustee
    (a) On the death of the sole surviving trustee of  an  express  trust,
  the trust estate does not vest in his personal representative or pass to
  his  distributees  or  devisees,  but,  in  the  absence  of  a contrary
  direction by the creator, if the trust has not been executed, the  trust
  estate  vests in the supreme court or the surrogate's court, as the case
  may be, and the trust shall be executed by a  person  appointed  by  the
  court.
    (b)  Upon  such  notice to the beneficiaries of the trust as the court
  may direct of an application for the appointment of a successor trustee,
  unless the creator has directed  otherwise,  the  court  may  appoint  a
  successor trustee, even though the trust has terminated, whenever in the
  opinion  of  the  court  such appointment is necessary for the effective
  administration and distribution of the  trust  estate,  subject  to  the
  following:
    (1)  A  successor  trustee  shall  give security in such amount as the
  court may direct.
    (2) A successor trustee shall be subject to the  same  duties,  as  to
  accounting  and  trust administration, as are imposed by law on trustees
  and, in addition to the reasonable expenses incurred in  the  course  of
  trust  administration,  shall  be entitled to such commissions as may be
  fixed by any court having jurisdiction to pass upon such trustee's final
  account, which shall in no case exceed the commissions allowable by  law
  to trustees.