N.Y. Banking Law § 100-a: Fiduciary capacities; appointment by court authorized; bond; oath; accounting

§ 100-a. Fiduciary capacities; appointment by court authorized; bond;

oath; accounting. 1. Executor. When any trust company is appointed

executor in any last will and testament, the court or officer authorized

to grant letters testamentary in this state, shall, upon the proper

application, grant letters testamentary thereon to such trust company or

to its successors by merger.

2. Guardian, trustee or administrator.

(a) Any trust company may be appointed guardian, trustee or

administrator, on the application or consent of any person acting as

such or as an executor or entitled to such appointment irrespective of

whether such person would himself or herself be disqualified from acting

by reason of his or her being a noncitizen or non-resident of this

state, and in the place and stead of such person, or such trust company

may be joined with any person so acting or entitled to such appointment;

but such appointments shall be made upon such notice, as is required by

law, to the persons interested in the estate or fund and on the consent

of such of the principal legatees or other persons interested in the

estate or fund as the court, surrogate or judge making the appointment

shall deem proper. No appointment so made shall be deemed to increase

the number of persons entitled to full compensation beyond the number so

entitled under the terms of the will or deed creating the trust or

appointing a guardian or authorized by law. Whenever a person is joined

with such trust company in any appointment as guardian, trustee or

administrator, his or her appointment may be under such limitation of

powers and upon such terms and conditions as to deposit of assets by

such person, with such trust company, or otherwise, and upon such

reduced bond or security to be given by such person, as the court,

surrogate or judge, making the appointment shall prescribe.

(b) When application is made to any court or officer having authority

to grant letters of administration with the will annexed upon the estate

of any deceased person, and there is no person entitled to such letters

who is qualified, competent, willing and able to accept such

administration, such court or officer may at the request of any party

interested in the estate, grant such letters of administration with the

will annexed, to any trust company.

(c) Any court or officer having authority to grant letters of

guardianship of any infant may upon the same application as is required

by law for the appointment of a guardian for such infant, appoint any

trust company as the guardian of the estate of such infant.

3. Committee of incompetent or conservator of a conservatee. Any court

having jurisdiction to appoint a trustee, guardian, receiver, committee

of the estate of a person with a mental disability, or conservator of

the estate of a conservatee, or to make any fiduciary appointment, may

appoint any trust company to be such trustee, guardian, receiver,

committee or conservator, or to act in any other fiduciary capacity.

4. Receiver, trustee or committee. Any court, having jurisdiction to

appoint a committee or trustee or a receiver in insolvency or bankruptcy

proceedings or in any other proceeding, or action, under state or

federal law, may appoint any trust company to be such receiver, trustee

or committee.

5. Bonds. No bond or other security, except as hereinafter provided,

shall be required from any trust company for or in respect to any trust,

nor when appointed executor, administrator, guardian, trustee, receiver,

committee or depositary or in any other fiduciary capacity nor when

receiving commissions under the provisions of SCPA 2310 or 2311. The

court, or officer making such appointment may, upon proper application,

require any trust company, which shall have been so appointed to give

such security as to the court or officer shall seem proper, or upon

failure of such trust company to give security as required, may remove

such trust company from and revoke such appointment.

6. Court orders, accounts. Such court or officer may make orders

respecting such trusts and require any such trust company to render all

accounts, which such court or officer might lawfully require if such

executor, administrator, guardian, trustee, receiver, committee,

depositary or such trust company acting in any other fiduciary capacity,

were a natural person.

7. No official oath required. Upon the appointment of such trust

company as such executor, administrator, guardian, trustee, receiver or

committee, no official oath shall be required.