N.Y. Surrogate's Court Procedure Act § 720: Effect and contents of decree suspending, modifying or revoking letters or removing a lifetime trustee or suspending or modifying his pow...

§ 720. Effect and contents of decree suspending, modifying or revoking

letters or removing a lifetime trustee or suspending or

modifying his powers

Upon the entry of a decree made as prescribed in this act, removing a

fiduciary or suspending, modifying or revoking his letters issued to a

fiduciary, his powers are suspended, modified or cease, as the case may

be. The decree may require him to account for all money and other

property received by him and to pay over and deliver all money and other

property in his hands, to the court or to his successor or to such other

person as is authorized by law to receive it, or it may be made without

prejudice to an action or special proceeding for that purpose then

pending or thereafter to be brought. The removal suspension,

modification or revocation does not affect the validity of any act

within the powers of the fiduciary done by him before his removal or the

suspension, modification or revocation of his letters or the service of

process, where the other party acted in good faith, or done after the

service of process and before entry of the decree where his powers with

respect thereto were not suspended or modified by service of process or

where the court in a case prescribed by law, permitted him to do the

same, notwithstanding the pendency of the special proceeding against him

and he is not liable for such an act done by him in good faith.

Where an executor or administrator is also a testamentary trustee of

the same estate, a decree revoking his letters as executor or

administrator does not affect his power or authority as testamentary

trustee, except in the case specially prescribed for that purpose in

1505.