{"jurisdiction": "us-ny", "code": "scpa", "section": "801", "citation": "SCPA § 801", "heading": "Amount; condition; number of sureties; obligees 1", "text": ["§ 801.  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", "months.", "iii. Probable recovery in", "any cause of action", "prosecuted by the", "fiduciary.", "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", "years.", "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", "infant,", "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."], "official_source": "https://www.nysenate.gov/legislation/laws/SCP/801", "from_official_api": true, "plain_english": "When a fiduciary or legal life tenant must post a bond, this section sets its amount, conditions, sureties, and beneficiaries.\n- **(1)(a)** For an **executor, administrator, administrator c.t.a., administrator d.b.n., or temporary administrator**, the bond is at least the **personal property receivable, estimated gross real-property rent for 18 months, and probable recovery in any prosecuted claim**; the court considers prior administration by a predecessor, and no bond is required when administered assets do not exceed the **§ 1301(1) small-estate amount**. ★\n- **(1)(b)** For a guardian of an infant’s property, the bond is at least the **personal property receivable, estimated gross rent for 3 years, and estimated gross non-asset income for 3 years**.\n- **(1)(c)** For a testamentary trustee, trustee-like executor, ancillary fiduciary, guardian of an infant’s person, legal life tenant, or otherwise uncovered case, the bond is **the amount the court directs**.\n- **(1)(d)** For limited or restrictive letters under **§ 702**, the court may **waive the bond or set a sufficient amount**.\n- **(1)(e)** In addition to **CPLR § 2508**, the court may **increase or decrease the bond at any time for good reason**.\n- **(1)(f)** The court may demand asset-value evidence, examine people under oath, or take other needed steps.\n- **(2)** Unless the court directs otherwise, a fiduciary’s bond requires **faithful service, obedience to lawful orders, repayment of ordered commission advances, and a verified account when required**; a legal life tenant must account for and deliver the property to successors. ★\n- **(3)** The court may allow or require **1 surety, 2 or more sureties, or no surety for good reason**.\n- **(4)** A fiduciary bond runs to **the People of New York for everyone interested in the estate**.", "in_force_on": "2026-05-31", "retrieved": "2026-09-27", "url": "https://elyphived.com/us-ny/scpa/801", "publisher": "Elyphived LLC"}