Section 701. Requisites of letters 1

Section 702. Limited and restrictive letters Letters may be granted limiting and restricting the powers and rights of the holder thereof: 1

Section 703. Letters evidence of authority; effect of appeal 1

Section 704. Priority among different letters A person who applies in good faith therefor, and to whom letters are first issued from a court having jurisdiction to issue them, has exclusive authority under the letters until they are revoked

Section 705. Time, how reckoned upon successive letters Where it is prescribed by law that an act must or may be done within a specified time after letters are issued and successive or supplementary letters are issued upon the same estate, the time so specified must be reckoned from the issuing of the first letters, except where it is otherwise specially prescribed by law or where the first or any subsequent letters are revoked as provided in 1413

Section 706. When surviving or remaining fiduciary may act; when successor must be appointed 1

Section 707. Eligibility to receive letters Letters may issue to a natural person or to a person authorized by law to be a fiduciary except as follows: 1

Section 708. Qualification of fiduciaries Before letters are granted to a fiduciary, the fiduciary shall file in the surrogate's court or family court: 1

Section 709. Objection to grant of letters or appointment of lifetime trustee Any person interested, including a nominated fiduciary, before letters are granted to another fiduciary or the surrogate's court appoints a trustee of a lifetime trust, may file objections showing his or her interest in the estate and stating one or more of the legal objections set forth in 707 to granting the letters to or the appointment of one or more of the persons about to receive them or to be appointed

Section 710. Objections which require bond from fiduciary not otherwise required to file bond 1

Section 711. Suspension, modification or revocation of letters or removal for disqualification or misconduct In any of the following cases a co-fiduciary, creditor, person interested, any person on behalf of an infant or any surety on a bond of a fiduciary may present to the court having jurisdiction a petition praying for a decree suspending, modifying or revoking those letters and that the fiduciary may be cited to show cause why a decree should not be made accordingly: 1

Section 712. Petition; process thereupon; suspension A petition as prescribed in the preceding section must show that the case is one therein specified and, if entertained, process must be issued according to the prayer thereof to the fiduciary against whom relief is sought and to such other persons as the court may direct

Section 713. Hearing; decree Upon the return of process issued as prescribed in the preceding section the court may make a decree suspending, modifying or revoking the letters issued to or removing the respondent or modifying the terms of his appointment or may dismiss the proceeding upon such terms as justice requires

Section 714. Certain orders or decrees of other courts to be filed in the surrogate's court Whenever the supreme court shall suspend or remove or accept the resignation of a guardian of an infant's person or property or both, or of a testamentary trustee appointed by it, a certified copy of the order or decree shall be filed in the surrogate's court of the county having jurisdiction of the infant's person or estate or of the testamentary trust and a minute thereof shall be made and indexed in the book or books kept by the surrogate in which similar orders or decrees made in each surrogate's court are entered

Section 715. Application by fiduciary for permission to resign A fiduciary may present to the court at any time a petition praying that he be permitted to resign, that his letters be revoked and that he be permitted to file and proceed to the judicial settlement of his account as such fiduciary within a time to be fixed by the court and that notice of the application be given to the persons and in the manner directed by the court

Section 716. Proceedings thereupon If it shall be determined that the petition should be granted, an intermediate order may be entered forthwith or at any time during the pendency of the proceeding, permitting the petitioner to resign, revoking his letters, or removing him, appointing a successor, and directing the resigning fiduciary to turn over all assets in his hands to his successor and file his account and a petition for the judicial settlement thereof and proceed to have it judicially settled

Section 717. Suspension of powers of fiduciaries in war service 1

Section 718. Nominated fiduciaries in war service 1

Section 719. In what cases letters may be suspended, modified or revoked, or a lifetime trustee removed or his powers suspended or modified, without process In any of the following cases, the court may make a decree suspending, modifying or revoking letters issued to a fiduciary from the court or removing a lifetime trustee or modifying or suspending the powers of a lifetime trustee without a petition or the issuance of process: 1

Section 720. Effect and contents of decree suspending, modifying or revoking letters or removing a lifetime trustee or suspending or modifying his powers Upon the entry of a decree made as prescribed in this act, removing a fiduciary or suspending, modifying or revoking his letters issued to a fiduciary, his powers are suspended, modified or cease, as the case may be

Section 721. Preceding section qualified The preceding section does not affect the liability of a person to whom money or other property has been delivered as distributee or legatee to respond to the person lawfully entitled thereto, where letters are revoked because a supposed decedent is living or because a will is discovered after administration has been granted, in a case of supposed intestacy or a prior will is revoked upon which letters were granted

Section 722. Deposit of securities may be ordered on revocation of letters or removal When upon the revocation of letters or removal of a fiduciary a decree is made in which such fiduciary is personally charged with or directed to pay a sum of money upon a finding that he has made an unlawful investment or disposition of the estate in his hands and the security or other instrument by which such investment or disposition is evidenced or the property in the purchase of which such investment or disposition has been made shall not be a part of the assets which his successor may be required legally to receive, the decree may direct that such security or other instrument or such property, if practicably capable of delivery under such direction, be forthwith deposited with a safe deposit company in such manner as to prevent the withdrawal of the property except upon the order of the court

Section 723. Copy of letters issued to chief fiscal officer of county to be transmitted to comptroller

Section 724. Inapplicability to lifetime trustees Except as otherwise expressly provided or required by context, this article shall not be applicable to lifetime trustees

Section 725. §s relating to estate valuation after letters The chief administrator of the courts shall promulgate rules to insure that, after letters have been granted to a fiduciary and the fee based on the initial value of the estate has been paid, the court is notified of the actual value of the estate as subsequently shown by a tax return filed under article twenty-six of the tax law, by a proceeding under such article, by any proceeding in surrogate's court involving such estate, or by the filing with the court of such other papers or documents as such rules shall prescribe