§ 81.25 Filing of bond by guardian.

(a) Before the guardian, or special guardian appointed under this
article, or a trustee of a trust created pursuant to this article,
enters upon the execution of his or her duties, the court may require or
dispense with the filing of a bond.

(b) The court may require or dispense with the filing of a bond by the
temporary guardian. If the temporary guardian is required to file a
bond, such bond must be filed within ten days after the issuance of the
temporary guardian's commission.

(c) If the value of the estate of the person for whom a guardian,
special guardian, temporary guardian, or trustee is appointed is so
great or for other sufficient reason 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 the
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 guardian or
trustee. The court may thereupon fix the amount of the bond taking into
consideration the value of the remainder only of the estate. 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so deposited shall not be withdrawn from the custody of the depositary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 or
depository shall receive or collect any principal or income or other
benefits derived from such assets without order of the court.

(d) Notwithstanding any other provision of this section, any community
guardian program operating pursuant to the provisions of title three of
article nine-B of the social services law, appointed as guardian
pursuant to subdivision (a) of section 81.19 of this article, may file
with the clerk of the court before the thirty-first day of January of
each year, a consolidated undertaking up to the amount of one million
five hundred thousand dollars, in lieu of filing individual undertakings
for each incapacitated person for whom it serves as guardian, as
required by subdivision (a) of this section. To the extent of the
aggregate value of such consolidated undertaking, the community guardian
program will certify to the clerk of the court faithful discharge of the
trust imposed upon it, obey all directions of the court in regard to the
trust, and make and render a true account of all properties received by
it and the application thereof and of its acts in the administration of
its trust whenever so required to do by the court. At such time as the
aggregate amount of the individual bonds, fixed by the court pursuant to
subdivision (a) of this section for persons for whom the community
guardian program is appointed guardian, shall exceed the consolidated
bond filed by such program, the program shall before entering upon the
execution of its duties, file with the clerk of the court individual
undertakings, in the amounts fixed by the court, that it will faithfully
discharge the trust imposed upon it.

(e) If the court requires the filing of a bond, the guardian or
special or temporary guardian, or trustee, appointed under this article
shall file with the clerk of the court by which such guardian was
appointed a bond that he or she will faithfully discharge the powers
granted by the court to the guardian or special or temporary guardian,
or trustee, obey all directions of the court in regard to the powers,
and make and render a true account of all properties received by him or
her and the application thereof and a true report of his or her acts in
the administration of his or her powers, whenever so required to do by
the court. The amount of the bond shall be fixed by the court. If the
guardian, special or temporary guardian, or trustee, receives
after-acquired property not covered by the bond, such guardian, special
or temporary guardian, or trustee, shall immediately have such
acquisition approved by the court and file a further bond.