SCPA 803 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search previous SECTION 802 Approval and filing of bonds; designation of clerk 1 up ARTICLE 8 General Provisions Relating to Bonds next SECTION 804 Bond required when assets deposited with bank or trust company serving as co-fiduciary When a bank or trust company is a fiduciary and is... Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 803 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 The assets so deposited shall not be withdrawn from the custody of the depositary and no person other than the proper fiscal officer of such county, city or depositary shall receive or collect any principal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.