2023 New York Laws › BNK - Banking › Article 3 - Banks and Trust Companies › 100-A - Fiduciary Capacities; Appointment by Court Authorized; Bond; Oath; Accounting.

§ 100-a. Fiduciary  capacities; appointment by court authorized; bond;
oath; accounting. 1. Executor.  When  any  trust  company  is  appointed
executor in any last will and testament, the court or officer authorized
to  grant  letters  testamentary  in  this state, shall, upon the proper
application, grant letters testamentary thereon to such trust company or
to its successors by merger.
2. Guardian, trustee or administrator.
(a)  Any  trust  company  may  be  appointed  guardian,   trustee   or
administrator,  on  the  application  or consent of any person acting as
such or as an executor or entitled to such appointment  irrespective  of
whether such person would himself or herself be disqualified from acting
by  reason  of  his  or  her  being a noncitizen or non-resident of this
state, and in the place and stead of such person, or such trust  company
may be joined with any person so acting or entitled to such appointment;
but  such appointments shall be made upon such notice, as is required by
law, to the persons interested in the estate or fund and on the  consent
of  such  of  the  principal legatees or other persons interested in the
estate or fund as the court, surrogate or judge making  the  appointment
shall  deem  proper.  No appointment so made shall be deemed to increase
the number of persons entitled to full compensation beyond the number so
entitled under the terms of the will  or  deed  creating  the  trust  or
appointing  a guardian or authorized by law. Whenever a person is joined
with such trust company in  any  appointment  as  guardian,  trustee  or
administrator,  his  or  her appointment may be under such limitation of
powers and upon such terms and conditions as to  deposit  of  assets  by
such  person,  with  such  trust  company,  or  otherwise, and upon such
reduced bond or security to be given  by  such  person,  as  the  court,
surrogate or judge, making the appointment shall prescribe.
(b)  When application is made to any court or officer having authority
to grant letters of administration with the will annexed upon the estate
of any deceased person, and there is no person entitled to such  letters
who   is   qualified,   competent,  willing  and  able  to  accept  such
administration, such court or officer may at the request  of  any  party
interested  in the estate, grant such letters of administration with the
will annexed, to any trust company.
(c) Any  court  or  officer  having  authority  to  grant  letters  of
guardianship  of any infant may upon the same application as is required
by law for the appointment of a guardian for such  infant,  appoint  any
trust company as the guardian of the estate of such infant.
3. Committee of incompetent or conservator of a conservatee. Any court
having  jurisdiction to appoint a trustee, guardian, receiver, committee
of the estate of a person with a mental disability,  or  conservator  of
the  estate  of a conservatee, or to make any fiduciary appointment, may
appoint any trust  company  to  be  such  trustee,  guardian,  receiver,
committee or conservator, or to act in any other fiduciary capacity.
4.  Receiver,  trustee or committee. Any court, having jurisdiction to
appoint a committee or trustee or a receiver in insolvency or bankruptcy
proceedings or in any  other  proceeding,  or  action,  under  state  or
federal  law, may appoint any trust company to be such receiver, trustee
or committee.
5. Bonds. No bond or other security, except as  hereinafter  provided,
shall be required from any trust company for or in respect to any trust,
nor when appointed executor, administrator, guardian, trustee, receiver,
committee  or  depositary  or  in  any other fiduciary capacity nor when
receiving commissions under the provisions of SCPA  2310  or  2311.  The
court,  or officer making such appointment may, upon proper application,
require any trust company, which shall have been so  appointed  to  give
such  security  as  to  the  court or officer shall seem proper, or upon

failure of such trust company to give security as required,  may  remove
such trust company from and revoke such appointment.
6.  Court  orders,  accounts.  Such  court  or officer may make orders
respecting such trusts and require any such trust company to render  all
accounts,  which  such  court  or officer might lawfully require if such
executor,  administrator,  guardian,   trustee,   receiver,   committee,
depositary or such trust company acting in any other fiduciary capacity,
were a natural person.
7.  No  official  oath  required.  Upon  the appointment of such trust
company as such executor, administrator, guardian, trustee, receiver  or
committee, no official oath shall be required.