N.Y. Real Property Actions and Proceedings Law 1744 – Security
§ 1744. Security. 1. Before the guardian, committee or conservator executes and delivers the deed, mortgage, release or lease pursuant to the judgment or receives any portion of the proceeds arising from the transaction, he shall give security for the faithful performance of his trust, for the paying over and investing of and accounting for all moneys received by the guardian, committee or conservator in the special proceeding and for the observance of the provisions of law and the directions of the court in relation to the trust. Such security shall have the same force and effect as if it had been filed before the guardian, committee or conservator acted on behalf of the infant, incompetent person or conservatee and the application to the court was made in the proceeding.
Terms Used In N.Y. Real Property Actions and Proceedings Law 1744
- conservatee: means a person who has suffered substantial impairment of his ability to care for his property or has become unable to provide for himself or others dependent upon him for support for whom a conservator of his property has been appointed, pursuant to § 77. See N.Y. Real Property Actions and Proceedings Law 1701
- Deed: The legal instrument used to transfer title in real property from one person to another.
- 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.
- incompetent person: means a person incompetent to manage his affairs of whose property a committee has been appointed pursuant to § 78. See N.Y. Real Property Actions and Proceedings Law 1701
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
2. The court may, by order, dispense wholly or in part with the giving of security if the sureties on the undertaking, if any, theretofore filed by the general or testamentary guardian of the property of the infant, the committee of the property of the incompetent person, or conservator of the property of the conservatee as well as such guardian, committee, or conservator consent to its extension to cover the special proceeding, and the court deems such extended undertaking sufficient to protect the interests of the infant, incompetent person or conservatee in such proceeding. The consent shall be in writing and shall be filed with the order dispensing with the giving of security.