Section 7-2.7. Accounting by trustee in supreme court

(a)  Any  proceeding  for  an  accounting or other relief brought by a
  trustee or by a substituted or successor trustee  may  be  commenced  by
  such  notice  to the beneficiaries of the trust as the supreme court may
  direct.
    (b) In case of the resignation, suspension  or  removal,  pursuant  to
  this article, of any trustee of a trust which includes real property and
  mortgage  participation  certificates  held  by more than one person and
  secured by a mortgage on real property or any estate therein, payment of
  which certificates is not guaranteed by the trustee or by any  title  or
  mortgage guaranty or investment company, the court in its discretion may
  dispense with a formal accounting by such trustee; but the trustee shall
  file with the court a statement of the condition of the trust and of the
  security underlying such certificates as of the date of his resignation,
  suspension  or  removal  and shall assign, transfer or convey all of the
  assets of the trust to the successor trustee or to the receiver or other
  officer appointed by the court, as the case may be.