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This entry was published on 2022-12-16
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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 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.