1. The Laws of New York
  2. Court Acts
  3. Surrogate's Court Procedure
  4. Article 8: General Provisions Relating to Bonds

Section 801 Amount; condition; number of sureties; obligees 1

Surrogate's Court Procedure (SCP)

Amount; condition; number of sureties; obligees

  1. Amount. Whenever a fiduciary or legal life tenant shall be required to file a bond, the amount thereof, except where the court has reduced it or dispensed therewith, shall be fixed as follows: (a) Executor, administrator, (a) Not Less Than:

   administrator c. t. a., i. Value of all personal

   administrator d. b. n., property receivable

   and temporary administrator. by the fiduciary.

   ii. Estimated gross rents

   of real property

   receivable by the

   fiduciary for 18


   iii. Probable recovery in

   any cause of action

   prosecuted by the


  In fixing the amount of a bond under this paragraph the court must also take into consideration in the case of a successor executor, administrator, administrator c. t. a., or administrator d. b. n., how much of the estate, if any, has already been administered.

  No bond shall be required of any of the above mentioned fiduciaries if the value of the assets to be administered does not exceed the monetary amount defined as a small estate pursuant to subdivision one of section 1301 of this act. (b) Guardian of the property (b) Not less than:

   of an infant i. Value of all personal

   property receivable

   by the guardian.

   ii. Estimated gross rents

   of real property

   receivable by the

   guardian for three


   iii. Estimated gross income

   for three years from

   sources other than

   moneys or other assets

   committed to the

   guardian for

   administration. (c) i. Testamentary trustee, or (c) In such amount as

   executor required to hold, the court directs.

   manage or invest property

   for the benefit of another,

   ii. ancillary fiduciaries,

   iii. guardian of the person of an


   iv. legal life tenant, or

   v. any case not provided for in

   this article where the filing

   of a bond is required.

  (d) In granting limited and restrictive letters pursuant to the provisions of 702 the court may dispense with a bond altogether or fix the amount at such sum as it may deem sufficient.

  (e) In addition to such powers as are conferred by CPLR 2508, the court may at any time increase or decrease the bond of a fiduciary or legal life tenant when good reason therefor appears.

  (f) In fixing the amount of a bond, the court may require evidence as to the character and value of the assets to be committed to the fiduciary and may examine the applicant or any other person under oath or take such other steps as it deems necessary.

  2. Condition. Unless the court directs otherwise the condition of the bond shall be that the fiduciary will faithfully discharge his trust, obey all lawful decrees and orders touching the administration of the assets committed to him including but not limited to decrees or orders directing repayment of amounts allowed as advances on commissions and render a verified account of his administration whenever required to do so by the court. In the case of a legal life tenant the condition shall be that the principal account for and deliver to his successors in interest the property held as life tenant.

  3. Sureties. The court may authorize or direct the execution and filing of a bond with a sole surety or with two or more sureties or it may dispense with sureties altogether when good reason therefor appears.

  4. Obligees of bond. The bond of a fiduciary shall run to the people of the state for the security and benefit of the persons then or thereafter interested in the estate.