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This entry was published on 2014-09-22
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Deposit of assets to reduce bond 1
Surrogate's Court Procedure Act (SCP) CHAPTER 59-A, ARTICLE 8
§ 803. 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 The assets so deposited shall not be withdrawn from the custody of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.