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This entry was published on 2021-08-06
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SECTION 100-A
Fiduciary capacities; appointment by court authorized; bond; oath; accounting
Banking (BNK) CHAPTER 2, ARTICLE 3
§ 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 be disqualified from acting by reason
of his being an alien 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
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.