N.Y. Mental Hygiene Law § 81.25: Filing of bond by guardian

§ 81.25 Filing of bond by guardian.

(a) Before the guardian, or special guardian appointed under this

article, or a trustee of a trust created pursuant to this article,

enters upon the execution of his or her duties, the court may require or

dispense with the filing of a bond.

(b) The court may require or dispense with the filing of a bond by the

temporary guardian. If the temporary guardian is required to file a

bond, such bond must be filed within ten days after the issuance of the

temporary guardian's commission.

(c) If the value of the estate of the person for whom a guardian,

special guardian, temporary guardian, or trustee is appointed is so

great or for other sufficient reason the court deems it inexpedient to

require security in the full amount prescribed by law it may direct that

all or part of the assets of the estate be delivered subject to the

further order of the court to the county treasurer, or other proper

fiscal officer, the clerk of the court or a trust company, bank or safe

deposit company or otherwise restrict the authority of the guardian or

trustee. The court may thereupon fix the amount of the bond taking into

consideration the value of the remainder only of the estate. The assets

so deposited shall not be withdrawn from the custody of the depositary

and no person other than the proper fiscal officer of such county or

depository shall receive or collect any principal or income or other

benefits derived from such assets without order of the court.

(d) Notwithstanding any other provision of this section, any community

guardian program operating pursuant to the provisions of title three of

article nine-B of the social services law, appointed as guardian

pursuant to subdivision (a) of section 81.19 of this article, may file

with the clerk of the court before the thirty-first day of January of

each year, a consolidated undertaking up to the amount of one million

five hundred thousand dollars, in lieu of filing individual undertakings

for each incapacitated person for whom it serves as guardian, as

required by subdivision (a) of this section. To the extent of the

aggregate value of such consolidated undertaking, the community guardian

program will certify to the clerk of the court faithful discharge of the

trust imposed upon it, obey all directions of the court in regard to the

trust, and make and render a true account of all properties received by

it and the application thereof and of its acts in the administration of

its trust whenever so required to do by the court. At such time as the

aggregate amount of the individual bonds, fixed by the court pursuant to

subdivision (a) of this section for persons for whom the community

guardian program is appointed guardian, shall exceed the consolidated

bond filed by such program, the program shall before entering upon the

execution of its duties, file with the clerk of the court individual

undertakings, in the amounts fixed by the court, that it will faithfully

discharge the trust imposed upon it.

(e) If the court requires the filing of a bond, the guardian or

special or temporary guardian, or trustee, appointed under this article

shall file with the clerk of the court by which such guardian was

appointed a bond that he or she will faithfully discharge the powers

granted by the court to the guardian or special or temporary guardian,

or trustee, obey all directions of the court in regard to the powers,

and make and render a true account of all properties received by him or

her and the application thereof and a true report of his or her acts in

the administration of his or her powers, whenever so required to do by

the court. The amount of the bond shall be fixed by the court. If the

guardian, special or temporary guardian, or trustee, receives

after-acquired property not covered by the bond, such guardian, special

or temporary guardian, or trustee, shall immediately have such

acquisition approved by the court and file a further bond.