N.Y. Debtor & Creditor Law § 6: Bond of assignee

§ 6. Bond of assignee. The assignee named in any such assignment

shall, within thirty days after the date thereof, and before he shall

have any power or authority to sell, dispose of or convert to the

purposes of the trust any of the assigned property, enter into a bond to

the people of the state of New York, in an amount to be ordered and

directed by the judge, with sufficient sureties to be approved of by

such judge, and conditioned for the faithful discharge of the duties of

such assignee, and for the due accounting for all moneys received by

him, which bond shall be filed in the clerk's office of the county where

such assignment is recorded, but in case the debtor shall fail to

present such inventory within the twenty days required, then the

assignee, before ten days thereafter shall have elapsed, may apply to

said judge by verified petition for leave to file a provisional bond,

until such time as he may be able to present the schedule or inventory

as hereinbefore provided.