N.Y. Surrogate's Court Procedure Act § 801: Amount; condition; number of sureties; obligees 1

§ 801. Amount; condition; number of sureties; obligees

1. Amount. Whenever a fiduciary or legal life tenant shall be

required to file a bond, the amount thereof, except where the court has

reduced it or dispensed therewith, shall be fixed as follows:

(a) Executor, administrator, (a) Not Less Than:

administrator c. t. a., i. Value of all personal

administrator d. b. n., property receivable

and temporary administrator. by the fiduciary.

ii. Estimated gross rents

of real property

receivable by the

fiduciary for 18

months.

iii. Probable recovery in

any cause of action

prosecuted by the

fiduciary.

In fixing the amount of a bond under this paragraph the court must

also take into consideration in the case of a successor executor,

administrator, administrator c. t. a., or administrator d. b. n., how

much of the estate, if any, has already been administered.

No bond shall be required of any of the above mentioned fiduciaries if

the value of the assets to be administered does not exceed the monetary

amount defined as a small estate pursuant to subdivision one of section

1301 of this act.

(b) Guardian of the property (b) Not less than:

of an infant i. Value of all personal

property receivable

by the guardian.

ii. Estimated gross rents

of real property

receivable by the

guardian for three

years.

iii. Estimated gross income

for three years from

sources other than

moneys or other assets

committed to the

guardian for

administration.

(c) i. Testamentary trustee, or (c) In such amount as

executor required to hold, the court directs.

manage or invest property

for the benefit of another,

ii. ancillary fiduciaries,

iii. guardian of the person of an

infant,

iv. legal life tenant, or

v. any case not provided for in

this article where the filing

of a bond is required.

(d) In granting limited and restrictive letters pursuant to the

provisions of 702 the court may dispense with a bond altogether or fix

the amount at such sum as it may deem sufficient.

(e) In addition to such powers as are conferred by CPLR 2508, the

court may at any time increase or decrease the bond of a fiduciary or

legal life tenant when good reason therefor appears.

(f) In fixing the amount of a bond, the court may require evidence as

to the character and value of the assets to be committed to the

fiduciary and may examine the applicant or any other person under oath

or take such other steps as it deems necessary.

2. Condition. Unless the court directs otherwise the condition of

the bond shall be that the fiduciary will faithfully discharge his

trust, obey all lawful decrees and orders touching the administration of

the assets committed to him including but not limited to decrees or

orders directing repayment of amounts allowed as advances on commissions

and render a verified account of his administration whenever required to

do so by the court. In the case of a legal life tenant the condition

shall be that the principal account for and deliver to his successors in

interest the property held as life tenant.

3. Sureties. The court may authorize or direct the execution and

filing of a bond with a sole surety or with two or more sureties or it

may dispense with sureties altogether when good reason therefor appears.

4. Obligees of bond. The bond of a fiduciary shall run to the people

of the state for the security and benefit of the persons then or

thereafter interested in the estate.