N.Y. SCP Law § 801 — New York Code / Act SCP / Article 8 / Section 801
Amount; condition; number of sureties; obligees 1
Status: in_force

§ 801.  Amount; condition; number of sureties; obligees\n  1.  Amount.  Whenever a fiduciary or legal life tenant shall be\nrequired to file a bond, the amount thereof, except where the court has\nreduced it or dispensed therewith, shall be fixed as follows:\n(a) Executor, administrator,           (a) Not Less Than:\n    administrator c. t. a.,               i. Value of all personal\n    administrator d. b. n.,                  property receivable\n    and temporary administrator.             by the fiduciary.\n                                         ii. Estimated gross rents\n                                             of real property\n                                             receivable by the\n                                             fiduciary for 18\n                                             months.\n                                        iii. Probable recovery in\n                                             any cause of action\n                                             prosecuted by the\n                                             fiduciary.\n  In fixing the amount of a bond under this paragraph the court must\nalso take into consideration in the case of a successor executor,\nadministrator, administrator c. t. a., or administrator d. b. n., how\nmuch of the estate, if any, has already been administered.\n  No bond shall be required of any of the above mentioned fiduciaries if\nthe value of the assets to be administered does not exceed the monetary\namount defined as a small estate pursuant to subdivision one of section\n1301 of this act.\n(b) Guardian of the property           (b) Not less than:\n    of an infant                           i. Value of all personal\n                                             property receivable\n                                             by the guardian.\n                                         ii. Estimated gross rents\n                                             of real property\n                                             receivable by the\n                                             guardian for three\n                                             years.\n                                        iii. Estimated gross income\n                                             for three years from\n                                             sources other than\n                                             moneys or other assets\n                                             committed to the\n                                             guardian for\n                                             administration.\n(c)   i. Testamentary trustee, or      (c)  In such amount as\n         executor required to hold,         the court directs.\n         manage or invest property\n         for the benefit of another,\n     ii. ancillary fiduciaries,\n    iii. guardian of the person of an\n         infant,\n     iv. legal life tenant, or\n      v. any case not provided for in\n         this article where the filing\n         of a bond is required.\n  (d)  In granting limited and restrictive letters pursuant to the\nprovisions of 702 the court may dispense with a bond altogether or fix\nthe amount at such sum as it may deem sufficient.\n  (e)  In addition to such powers as are conferred by CPLR 2508, the\ncourt may at any time increase or decrease the bond of a fiduciary or\nlegal life tenant when good reason therefor appears.\n  (f)  In fixing the amount of a bond, the court may require evidence as\nto the character and value of the assets to be committed to the\nfiduciary and may examine the applicant or any other person under oath\nor take such other steps as it deems necessary.\n  2.  Condition.  Unless the court directs otherwise the condition of\nthe bond shall be that the fiduciary will faithfully discharge his\ntrust, obey all lawful decrees and orders touching the administration of\nthe assets committed to him including but not limited to decrees or\norders directing repayment of amounts allowed as advances on commissions\nand render a verified account of his administration whenever required to\ndo so by the court.  In the case of a legal life tenant the condition\nshall be that the principal account for and deliver to his successors in\ninterest the property held as life tenant.\n  3.  Sureties.  The court may authorize or direct the execution and\nfiling of a bond with a sole surety or with two or more sureties or it\nmay dispense with sureties altogether when good reason therefor appears.\n  4.  Obligees of bond.  The bond of a fiduciary shall run to the people\nof the state for the security and benefit of the persons then or\nthereafter interested in the estate.\n