N.Y. MHY Law § 81.25 — New York Code / Act MHY / Title E / Article 81 / Section 81.25
Filing of bond by guardian
Status: in_force

§ 81.25 Filing of bond by guardian.\n  (a) Before the guardian, or special guardian appointed under this\narticle, or a trustee of a trust created pursuant to this article,\nenters upon the execution of his or her duties, the court may require or\ndispense with the filing of a bond.\n  (b) The court may require or dispense with the filing of a bond by the\ntemporary guardian. If the temporary guardian is required to file a\nbond, such bond must be filed within ten days after the issuance of the\ntemporary guardian's commission.\n  (c) If the value of the estate of the person for whom a guardian,\nspecial guardian, temporary guardian, or trustee is appointed is so\ngreat or for other sufficient reason the court deems it inexpedient to\nrequire security in the full amount prescribed by law it may direct that\nall or part of the assets of the estate be delivered subject to the\nfurther order of the court to the county treasurer, or other proper\nfiscal officer, the clerk of the court or a trust company, bank or safe\ndeposit company or otherwise restrict the authority of the guardian or\ntrustee. The court may thereupon fix the amount of the bond taking into\nconsideration the value of the remainder only of the estate. The assets\nso deposited shall not be withdrawn from the custody of the depositary\nand no person other than the proper fiscal officer of such county or\ndepository shall receive or collect any principal or income or other\nbenefits derived from such assets without order of the court.\n  (d) Notwithstanding any other provision of this section, any community\nguardian program operating pursuant to the provisions of title three of\narticle nine-B of the social services law, appointed as guardian\npursuant to subdivision (a) of section 81.19 of this article, may file\nwith the clerk of the court before the thirty-first day of January of\neach year, a consolidated undertaking up to the amount of one million\nfive hundred thousand dollars, in lieu of filing individual undertakings\nfor each incapacitated person for whom it serves as guardian, as\nrequired by subdivision (a) of this section. To the extent of the\naggregate value of such consolidated undertaking, the community guardian\nprogram will certify to the clerk of the court faithful discharge of the\ntrust imposed upon it, obey all directions of the court in regard to the\ntrust, and make and render a true account of all properties received by\nit and the application thereof and of its acts in the administration of\nits trust whenever so required to do by the court. At such time as the\naggregate amount of the individual bonds, fixed by the court pursuant to\nsubdivision (a) of this section for persons for whom the community\nguardian program is appointed guardian, shall exceed the consolidated\nbond filed by such program, the program shall before entering upon the\nexecution of its duties, file with the clerk of the court individual\nundertakings, in the amounts fixed by the court, that it will faithfully\ndischarge the trust imposed upon it.\n  (e) If the court requires the filing of a bond, the guardian or\nspecial or temporary guardian, or trustee, appointed under this article\nshall file with the clerk of the court by which such guardian was\nappointed a bond that he or she will faithfully discharge the powers\ngranted by the court to the guardian or special or temporary guardian,\nor trustee, obey all directions of the court in regard to the powers,\nand make and render a true account of all properties received by him or\nher and the application thereof and a true report of his or her acts in\nthe administration of his or her powers, whenever so required to do by\nthe court. The amount of the bond shall be fixed by the court. If the\nguardian, special or temporary guardian, or trustee, receives\nafter-acquired property not covered by the bond, such guardian, special\nor temporary guardian, or trustee, shall immediately have such\nacquisition approved by the court and file a further bond.\n