The Surrogate’s Courts hold generally that fiduciaries are appointed for the purposes of making decisions for which they are compensated, and Surrogates should not be called upon to make fiduciary decisions.
History of SCPA §2107
Prior to 1993, SCPA 2107 had two subdivisions. The first dealt with the right of a fiduciary to seek advice and direction whenever the value of property of an estate was uncertain or dependent upon the time and manner of sale. The court authorization, if granted, aided the fiduciary to establish the propriety, price, manner and time of sale of property. The second subdivision provided that substantial compliance with such authorization would relieve the fiduciary from any objection that the estate might suffer by way of loss due to the action of the fiduciary in following the court’s advice and direction. Over the years, fiduciaries sought to expand the use of the statute beyond what is literally contained within the specific language of the statute, and they sometimes succeeded. See Turano’s McKinney’s Practice Commentary, SCPA 2107.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
