§ 100-A — Fiduciary capacities; appointment by court authorized; bond; oath; accounting

New York § 100-A

• Jurisdiction: New York
• Law BNK: Banking
• Art. 3: Banks and Trust Companies

Text

§ 100-a. Fiduciary capacities; appointment by court authorized; bond;\noath; accounting. 1. Executor. When any trust company is appointed\nexecutor in any last will and testament, the court or officer authorized\nto grant letters testamentary in this state, shall, upon the proper\napplication, grant letters testamentary thereon to such trust company or\nto its successors by merger.\n 2. Guardian, trustee or administrator.\n (a) Any trust company may be appointed guardian, trustee or\nadministrator, on the application or consent of any person acting as\nsuch or as an executor or entitled to such appointment irrespective of\nwhether such person would himself or herself be disqualified from acting\nby reason of his or her being a noncitizen or non-resident of this\nstate, and in the place and stead of such person, or such trust company\nmay be joined with any person so acting or entitled to such appointment;\nbut such appointments shall be made upon such notice, as is required by\nlaw, to the persons interested in the estate or fund and on the consent\nof such of the principal legatees or other persons interested in the\nestate or fund as the court, surrogate or judge making the appointment\nshall deem proper. No appointment so made shall be deemed to increase\nthe number of persons entitled to full compensation beyond the number so\nentitled under the terms of the will or deed creating the trust or\nappointing a guardian or authorized by law. Whenever a person is joined\nwith such trust company in any appointment as guardian, trustee or\nadministrator, his or her appointment may be under such limitation of\npowers and upon such terms and conditions as to deposit of assets by\nsuch person, with such trust company, or otherwise, and upon such\nreduced bond or security to be given by such person, as the court,\nsurrogate or judge, making the appointment shall prescribe.\n (b) When application is made to any court or officer having authority\nto grant letters of administration with the will annexed upon the estate\nof any deceased person, and there is no person entitled to such letters\nwho is qualified, competent, willing and able to accept such\nadministration, such court or officer may at the request of any party\ninterested in the estate, grant such letters of administration with the\nwill annexed, to any trust company.\n (c) Any court or officer having authority to grant letters of\nguardianship of any infant may upon the same application as is required\nby law for the appointment of a guardian for such infant, appoint any\ntrust company as the guardian of the estate of such infant.\n 3. Committee of incompetent or conservator of a conservatee. Any court\nhaving jurisdiction to appoint a trustee, guardian, receiver, committee\nof the estate of a person with a mental disability, or conservator of\nthe estate of a conservatee, or to make any fiduciary appointment, may\nappoint any trust company to be such trustee, guardian, receiver,\ncommittee or conservator, or to act in any other fiduciary capacity.\n 4. Receiver, trustee or committee. Any court, having jurisdiction to\nappoint a committee or trustee or a receiver in insolvency or bankruptcy\nproceedings or in any other proceeding, or action, under state or\nfederal law, may appoint any trust company to be such receiver, trustee\nor committee.\n 5. Bonds. No bond or other security, except as hereinafter provided,\nshall be required from any trust company for or in respect to any trust,\nnor when appointed executor, administrator, guardian, trustee, receiver,\ncommittee or depositary or in any other fiduciary capacity nor when\nreceiving commissions under the provisions of SCPA 2310 or 2311. The\ncourt, or officer making such appointment may, upon proper application,\nrequire any trust company, which shall have been so appointed to give\nsuch security as to the court or officer shall seem proper, or upon\nfailure of such trust company to give security as required, may remove\nsuch trust company from and revoke such appointment.\n 6. Court orders, accounts. Such court or officer may make orders\nrespecting such trusts and require any such trust company to render all\naccounts, which such court or officer might lawfully require if such\nexecutor, administrator, guardian, trustee, receiver, committee,\ndepositary or such trust company acting in any other fiduciary capacity,\nwere a natural person.\n 7. No official oath required. Upon the appointment of such trust\ncompany as such executor, administrator, guardian, trustee, receiver or\ncommittee, no official oath shall be required.\n