N.Y. Comp. Codes R. & Regs. tit. 22 § 1963.5

Current through Register Vol. 46, No. 53, December 31, 2024

Section 1963.5 - Accounting

1. The court requires that a copy of the account be served with the citation on all parties in interest in the account. Proof of service must reflect such receipt, as must any waiver and consent signed by a party in interest. Expenses for photocopies and mailings of the account and citation shall be allowed as a legal disbursement.

2. In order for an accounting to be accepted for filing by the court, the petition must state whether or not an inventory of assets pursuant to Rule 207.20 has been filed with the court.

3. In any estate with gross taxable assets in excess of $108,000, the petitioner may either cite the State Tax Commission as a party in interest or submit proof of fixation and payment of tax prior to the entry of a final decree.

4. Where it appears from the papers on file that either attorney fees or fiduciary commissions have been improperly taken in advance of an accounting (restricted or limited letters), the petition must request that such advance payment be approved by the court nunc pro tunc.

5. The court will not permit general language approving the account in a waiver and consent signed by a party in interest. A waiver and consent by a residuary legatee or distributee is not acceptable unless it specifically consents to every prayer for relief set forth in the petition and citation. All other interested parties need only specifically consent to relief which affects their interest.

6. Where real property is sold by a fiduciary, only the sum equal to the net proceeds of sale is to be included in Schedule A of the account and a copy of the closing statement is to be submitted with the account. All expenses incurred in connection with the sale and the satisfaction of outstanding liens must be deducted from gross sale price prior to entry in Schedule A.

N.Y. Comp. Codes R. & Regs. Tit. 22 § 1963.5