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New York Surrogate's Court Procedure - Article 21 - § 2107 Court May Direct as to Value, Manner and Time of Sale of Property and Give Advice and Direction in Extraordinary Circumstances

Legal Research Home > New York Laws > New York Surrogate's Court Procedure (SCP) > New York Surrogate's Court Procedure - Article 21 - § 2107 Court May Direct as to Value, Manner and Time of Sale of Property and Give Advice and Direction in Extraordinary Circumstances

 
  § 2107. Court  may  direct  as  to  value,  manner  and  time of sale of
            property  and  give  advice  and  direction  in  extraordinary
            circumstances
    1.  Whenever  the  value  of  property  of  an  estate is uncertain or
  dependent upon the time and manner of sale thereof a fiduciary may apply
  by petition to the court for advice and direction as to  the  propriety,
  price, manner and time of sale thereof.
    2.  The  court may entertain applications by a fiduciary to advise and
  direct in other extraordinary circumstances such  as  complex  valuation
  issues,  or  tax  elections, or where there is conflict among interested
  parties, but need not entertain jurisdiction if to do so would be merely
  to substitute the court's judgment for that of the fiduciary.
    3. A substantial compliance with  the  authorization  so  given  shall
  relieve the fiduciary from any objection that the estate suffered a loss
  on account of the action taken under court advice and direction.

Last modified: February 18, 2012