Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
12 Cards in this Set
- Front
- Back
|
701. Letters Granted shall...
|
be issued:
in the name of the people attested in the name of judge sealed w/ seal of court signed by court or chief clerk. |
|
|
701.2 Letters of guardianship of property of an infant. What must court attach?
|
Court must cause annex or printed copy of:
1719 and 1720 (Annual Account and affidavit). |
|
|
Define: Bond.
|
A written promise to pay or conduct some act upon the occurrence of an specific act or passage of specific time.
|
|
|
703. Evidence of Authority; Effect of Appeal.
Certificate of letters. |
1. Letters granted by court are conclusive evidence of authority of persons to whomg granted UNTIL Tthe decreee is reversed of modified upon appeal or the letters are suspen., modif, or revoked by the court.
2. Certificate letters of testamentary or of administration issued by clerk are sufficient evidence of existence of letters and the identity of fidicu. for all purposes for - 6 months - after date of issuance. |
|
|
704. Letter priority.
|
First letters issued have priority. He who holds 1st letters may demand and recover any property from anyone who letters were issued afterwards.
The latter person may commence a special proceeding in any case if done in good faith. |
|
|
If there is a time frame for letters and a secondary letter is issued for the same estate, which letter sets the appropiate time frame?
|
The first. Unless its otherwise specially prescribed by law or any subsequent letters are revoked (1413).
|
|
|
Does court have power to appoint a successor to letters if all fidicuaries and/or trustees die?
|
Yes. (706.)
|
|
|
Are infants eligible to receive letters?
|
No. Their guardian is, however.
|
|
|
Are incompetents ineligible to receieve letters?
|
No. The committee of his property.
|
|
|
707. Who's eligible to receive letters?
|
Natural person or person authorized by law.
|
|
|
707. Who's ineligible to receive letters?
|
-Infant
-Incompetent -Non-Domic. Alien EXCEPT one who is a foreign guardian or who shall serve w/ co-fiduciaries (one must reside in new york ). -Felon -One who does not posses qualifications (abuse, dishonesty, improvidence etc..) Anybody else is court decision. (e.g. unable to read/write in english). |
|
|
708. What qualifies a fidicuary; what are their duties to the court? and what must be filed?
|
Acknowledged instru. stating address and designating clerk to receive serv. of any process as if it were served on the fidic.
they must promptly notify court of address change. Must take and oath and state that he/she is not ineligible to receive letters. If there are any bonds, they must be filed. Trust companies are exempted from taking oaths. In this case, an acknowledged constent will suffice. if a foreign bank or outside trust company, compliance w/ sub. 3 of sec. 131 of banking law is required. |
