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

Section 803 Deposit of assets to reduce bond 1

Surrogate's Court Procedure (SCP)

Deposit of assets to reduce bond

  1. Whenever a bond or new surety may be required, if the value of the estate is so great or for other sufficient reasons the court deems it inexpedient to require security in the full amount prescribed by law it may direct that all or part of the assets of the estate be delivered subject to further order of the court to the county treasurer or other proper fiscal officer, the clerk of the court or a trust company, bank or safe deposit company or otherwise restrict the authority of the fiduciary. The court may thereupon fix the amount of the bond taking into consideration the value of the remainder only of the estate.

  2. The assets so deposited shall not be withdrawn from the custody of the depositary and no person other than the proper fiscal officer of such county, city or depositary shall receive or collect any principal or income or other benefits derived from such assets without order of the court.