§ 722. Deposit of securities may be ordered on revocation of letters or\n removal\n When upon the revocation of letters or removal of a fiduciary a decree\nis made in which such fiduciary is personally charged with or directed\nto pay a sum of money upon a finding that he has made an unlawful\ninvestment or disposition of the estate in his hands and the security or\nother instrument by which such investment or disposition is evidenced or\nthe property in the purchase of which such investment or disposition has\nbeen made shall not be a part of the assets which his successor may be\nrequired legally to receive, the decree may direct that such security or\nother instrument or such property, if practicably capable of delivery\nunder such direction, be forthwith deposited with a safe deposit company\nin such manner as to prevent the withdrawal of the property except upon\nthe order of the court.\n
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.