Where an account is judicially settled as prescribed in this article and any part of the estate remains and is ready to be distributed the decree must direct the payment and distribution therefrom of the shares of the persons entitled thereto, except that no decree of distribution shall be made in an accounting proceeding in which there has been a disposition of real property pursuant to article 19 commenced within 6 months from the grant of letters until time for the presentation of claims as fixed by a published notice has expired or 7 months have expired since letters were first issued and if there be creditors who were not served with process upon the petition for accounting, until supplemental process shall have issued to them.
Terms Used In N.Y. Surrogate's Court Procedure Law 2215
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Fiduciary: A trustee, executor, or administrator.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
2. The court may award to a surviving spouse or child the same relief as to set-off of exempt property which may be awarded in such person’s favor on a petition presented as prescribed in 2102.
3. If any creditor or person interested has received estate assets in excess of the amount determined on the settlement of the account to be due him the court is authorized to direct in the decree repayment by him of the excess to the fiduciary of the estate or otherwise as justice shall require and the exercise of such power by the court heretofore is confirmed.