N.Y. Real Property Actions & Proceedings Law § 1744: Security

§ 1744. Security. 1. Before the guardian, committee or conservator

executes and delivers the deed, mortgage, release or lease pursuant to

the judgment or receives any portion of the proceeds arising from the

transaction, he shall give security for the faithful performance of his

trust, for the paying over and investing of and accounting for all

moneys received by the guardian, committee or conservator in the special

proceeding and for the observance of the provisions of law and the

directions of the court in relation to the trust. Such security shall

have the same force and effect as if it had been filed before the

guardian, committee or conservator acted on behalf of the infant,

incompetent person or conservatee and the application to the court was

made in the proceeding.

2. The court may, by order, dispense wholly or in part with the giving

of security if the sureties on the undertaking, if any, theretofore

filed by the general or testamentary guardian of the property of the

infant, the committee of the property of the incompetent person, or

conservator of the property of the conservatee as well as such guardian,

committee, or conservator consent to its extension to cover the special

proceeding, and the court deems such extended undertaking sufficient to

protect the interests of the infant, incompetent person or conservatee

in such proceeding. The consent shall be in writing and shall be filed

with the order dispensing with the giving of security.