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This entry was published on 2014-09-22
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SECTION 722
Deposit of securities may be ordered on revocation of letters or removal When upon the revocation of letters or removal of a fiduciary a ...
Surrogate's Court Procedure Act (SCP) CHAPTER 59-A, ARTICLE 7
§ 722. Deposit of securities may be ordered on revocation of letters or

removal

When upon the revocation of letters or removal of a fiduciary a decree
is made in which such fiduciary is personally charged with or directed
to pay a sum of money upon a finding that he has made an unlawful
investment or disposition of the estate in his hands and the security or
other instrument by which such investment or disposition is evidenced or
the property in the purchase of which such investment or disposition has
been made shall not be a part of the assets which his successor may be
required legally to receive, the decree may direct that such security or
other instrument or such property, if practicably capable of delivery
under such direction, be forthwith deposited with a safe deposit company
in such manner as to prevent the withdrawal of the property except upon
the order of the court.