N.Y. Surrogate's Court Procedure Act § 805: Bond of administrator, temporary administrator or administrator c

§ 805. Bond of administrator, temporary administrator or administrator

c.t.a.

1. Before letters are issued to an administrator, temporary

administrator or administrator c.t.a. he shall execute and file a bond

provided, however, that where the person or persons about to be

appointed is or are entitled to the whole estate or where acknowledged

consents that a bond be dispensed with or fixed at a reduced amount are

executed and filed by all persons interested in the estate the court may

dispense with a bond or fix the amount at such sum as will adequately

protect the right of all creditors. If such consent be filed by some but

not all of the persons interested in the estate, such consent must also

specifically release any claim under the bond required and the court may

fix the amount at such sum as will adequately protect the rights of all

creditors and of the non-consenting persons interested.

2. The court may require that the amount of creditors' claims be

ascertained by a notice to creditors which shall be published once a

week for 4 consecutive weeks in such newspapers as the court may select

and which shall direct the creditors to file their claims in writing

with the clerk of court on or before a day fixed therein, which shall be

at least 30 days after the day of first publication.

3. Before an administrator shall receive the proceeds of a disposition

of real property pursuant to the provisions of EPTL 11-1.1 he shall file

a further bond in the amount of the proceeds unless it be dispensed with

as above provided or unless his existing bond is sufficient to cover the

proceeds.