New York Codes, Rules and Regulations
Title 22 - JUDICIARY
Subtitle A - JUDICIAL ADMINISTRATION
Chapter II - UNIFORM RULES FOR THE NEW YORK STATE TRIAL COURTS
Part 207 - Uniform Rules For The Surrogate's Court
Section 207.40 - Accountings

Universal Citation: 22 NY Comp Codes Rules and Regs ยง 207.40

Current through Register Vol. 46, No. 12, March 20, 2024

(a) Whenever a petition for a voluntary accounting is presented, the account to which it relates must be filed therewith, if not previously filed, and a citation to settle such account must thereupon be procured and served on the parties required to be cited.

(b) Unless otherwise directed by the court, upon an accounting by an executor, trustee, or administrator cum testamento annexo, a copy of the will or trust instrument must be filed with the petition and account.

(c) Insofar as may be practical, all accounts shall conform with and contain such schedules and information as may be called for in such forms as may from time to time be provided by the Chief Administrator of the Courts or, in the absence thereof, by the court. In the account of a trustee of a common trust fund for a period that begins at the close of the prior intermediate account:

(1) the statements of increases and decreases shall also show gains and losses realized on disposition of assets based upon the fair market values at the beginning of the account of assets held at the beginning of the account and the inventory values of all other assets; and

(2) the statement of assets on hand at the close of the account shall also show that increase or decrease in the fair market value of the assets at the close of the account in relation to the fair market values at the beginning of the account of those assets which were held at the beginning of the account and in relation to the inventory values of the remainder of said assets.

(d) The schedule showing the computation of commissions shall also state in explicit terms whether any personal property listed as an asset of the estate was, at the date of decedent's death, pledged as collateral to any unpaid obligation of the decedent and, if so, shall set forth:

(1) a description of the property so pledged and the value thereof as listed in the account;

(2) the amount due at the date of death on the obligation for which it was pledged;

(3) the equity in such property at the date of death; and

(4) whether the accounting party has included in the claim for commissions any commission upon the value of the property so pledged and, if so, a statement of the capital value upon which such commissions are claimed with respect to such property.

(e) Unless service is by publication or unless otherwise directed by the court, a copy of the summary statement of account shall be attached to all citations served, and the affidavits of service of citation shall recite the service of a copy of the summary statement of account. Counsel for the accounting party or the accounting party, if not represented by counsel, shall furnish a copy of the full account to all persons cited in the accounting proceeding who request the full account. Failure to furnish such a copy may constitute grounds for disallowance of commissions or legal fees.

(f) Unless otherwise directed by the court, all waivers of citation and consents in accounting proceedings filed with the court shall recite in the body of the waiver that a copy of the summary statement of account was received and shall state that the person waiving understands that he or she may request a copy of the full account from the petitioner or petitioner's attorney.

(g) The cost of producing and delivering a full accounting to persons interested in the estate shall be deemed a proper disbursement and allowed as an expense of administration.

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