§ 708 — Qualification of fiduciaries Before letters are granted to a fiduciary, the fiduciary shall file in the surrogate's court or family court: 1

New York § 708

• Jurisdiction: New York
• Law SCP: Surrogate's Court Procedure
• Art. 7: General Provisions Relating to Letters

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§ 708. Qualification of fiduciaries\n Before letters are granted to a fiduciary, the fiduciary shall file in\nthe surrogate's court or family court:\n 1. An acknowledged instrument stating the fiduciary's domiciliary\naddress and designating the clerk of the court to receive service of any\nprocess issuing from the court in like manner and with like effect as if\nit were served personally upon the fiduciary, whenever the person so\nreceiving letters cannot be found and served within the state after due\ndiligence, which designation shall be irrevocable and shall continue in\neffect so long as the fiduciary remains in office and until full\ncompliance by the fiduciary with the terms of a decree providing for his\nor her final discharge. If the fiduciary shall change his or her address\nso stated the fiduciary shall promptly notify the court of the new\naddress.\n 2. Unless exempted, an official oath taken before any officer\nauthorized to administer oaths, to the effect that the fiduciary will\nwell, faithfully and honestly discharge the duties of the office and the\ntrust reposed in him or her and duly account for all moneys or other\nproperty which may come into his or her hands. The oath shall also\ndescribe the office, and state that the fiduciary is not ineligible to\nreceive letters.\n 3. Such bond as may be required by law or by order of the court.\n 4. In the case of a trust company or other fiduciary exempted by law\nfrom taking an oath of office and filing a bond, an acknowledged consent\nto accept its appointment.\n 5. In the case of a foreign banking corporation or trust company\norganized under the laws of another state, compliance with subdivision 3\nof section 131 of the banking law is required.\n