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New York Surrogate's Court Procedure - Article 7 - § 708 Qualification of Fiduciaries

Legal Research Home > New York Laws > New York Surrogate's Court Procedure (SCP) > New York Surrogate's Court Procedure - Article 7 - § 708 Qualification of Fiduciaries

 
  § 708. Qualification of fiduciaries
    Before letters are granted to a fiduciary, the fiduciary shall file in
  the surrogate's court or family court:
    1.  An  acknowledged  instrument  stating  the fiduciary's domiciliary
  address and designating the clerk of the court to receive service of any
  process issuing from the court in like manner and with like effect as if
  it were served personally upon the fiduciary,  whenever  the  person  so
  receiving  letters cannot be found and served within the state after due
  diligence, which designation shall be irrevocable and shall continue  in
  effect  so  long  as  the  fiduciary  remains  in  office and until full
  compliance by the fiduciary with the terms of a decree providing for his
  or her final discharge. If the fiduciary shall change his or her address
  so stated the fiduciary shall promptly  notify  the  court  of  the  new
  address.
    2.  Unless  exempted,  an  official  oath  taken  before  any  officer
  authorized to administer oaths, to the effect that  the  fiduciary  will
  well, faithfully and honestly discharge the duties of the office and the
  trust  reposed  in  him  or her and duly account for all moneys or other
  property which may come into his or  her  hands.  The  oath  shall  also
  describe  the  office, and state that the fiduciary is not ineligible to
  receive letters.
    3. Such bond as may be required by law or by order of the court.
    4. In the case of a trust company or other fiduciary exempted  by  law
  from taking an oath of office and filing a bond, an acknowledged consent
  to accept its appointment.
    5.  In  the  case  of  a  foreign banking corporation or trust company
  organized under the laws of another state, compliance with subdivision 3
  of section 131 of the banking law is required.

Last modified: February 18, 2012