§ 7-2.7. Accounting by trustee in supreme court.
191 words·~1 min read·
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§ 7-2.7 Accounting by trustee in supreme court
(a)Any proceeding for an accounting or other relief brought by a
trustee or by a substituted or successor trustee may be commenced by
such notice to the beneficiaries of the trust as the supreme court may
direct.
(b)In case of the resignation, suspension or removal, pursuant to
this article, of any trustee of a trust which includes real property and
mortgage participation certificates held by more than one person and
secured by a mortgage on real property or any estate therein, payment of
which certificates is not guaranteed by the trustee or by any title or
mortgage guaranty or investment company, the court in its discretion may
dispense with a formal accounting by such trustee; but the trustee shall
file with the court a statement of the condition of the trust and of the
security underlying such certificates as of the date of his resignation,
suspension or removal and shall assign, transfer or convey all of the
assets of the trust to the successor trustee or to the receiver or other
officer appointed by the court, as the case may be.