§ 79.41 Funds to be kept separate.

Terms Used In N.Y. Mental Hygiene Law 79.41

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • person: includes a partnership, corporation, or an association. See N.Y. Mental Hygiene Law 79.01

Every guardian shall keep the funds received by him in his capacity as guardian separate and distinct from his own personal funds and property. He shall not invest the same or deposit the same with any person, association or corporation doing business under the banking law, or other person or institution in his own name, but, except as provided in section 11-1.6 of the estates, powers and trusts law, all transactions had and done by him shall be in his name as such guardian. Any person violating any of the provisions of this section shall be guilty of a misdemeanor.

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