ESTATE OF K.K., an Infant, (07/1028) — The guardian of the property of her child, an infant, seeks to rep Place the investment advisor previously approved by the court, but to maintain the bank currently serving as custodian for the child’s assets. She has provided the proposed investment advisory agreement for the court’s review (SCPA 1708[2][c]). The petition is unopposed.The proposed investment advisory agreement and proposed new investment advisor, Cambridge Associates, LLC, and U.S. Bank, NA., which will continue as custodian of the assets, are “acceptable to the court” (SCPA 1708[2][c]). The investment advisor has executed the court’s required guardianship supplement, which mandates investment and management in accordance with EPTL 11-2.3, the Prudent Investor Act, and neither permits the release of funds without court order, nor allows the investment advisor to increase its fees unilaterally. With the execution of the preemptive supplement, the proposed agreement makes no attempt to exonerate the investment advisor from the fiduciary duties imposed by the prudent investor standard; does not seek to authorize the taking of additional fees for investments in the investment manager’s own investment vehicles or those of its affiliates (EPTL 11-2.3[d]); and does not provide any means of divesting the court of continuing jurisdiction (e.g., the inclusion of an arbitration clause) (see Matter of Bryant, 188 Misc 2d 462 [Sur Ct, Broome County 2001]; Matter of Corapi, NYLJ, July 13, 2001, at 25, col 6 [Sur Ct, Onondaga County]; Matter of Ziskin, NYLJ, Oct. 1, 2001, at 25, col 2 [Sur Ct, Nassau County]; Matter of K Rodesky, NYLJ, Oct. 7, 2005, at 29, col 5 [Sur Ct, Westchester County]).A supplemental agreement was previously provided by the custodian of the infant’s assets in which the custodian agreed not to release any of the assets without a court order, and the custodian’s fees remain the same, which are acceptable. The custodian shall not be changed without prior order of the court.Accordingly, the petition is granted. The court authorizes the guardian to continue to serve without bond, to terminate the current investment advisory agreement, to maintain the prior custodial agreement as amended by the custodian’s supplemental agreement, and to enter into the new investment advisory agreement as limited by the guardianship supplement for the infant’s assets, which cannot be released except upon court order.Decree signed.Dated: January 3, 2018ESTATE OF MICHAEL A. CASERTA, Deceased (15/2480/A/B/C) — The court grants this unopposed petition by the administrator of the estate of decedent Michael Caserta to compromise for $160,000 the action commenced for decedent’s conscious pain and suffering. Decedent died of causes unrelated to the circumstances for which relief was sought in that action, and the administrator thus seeks to allocate the proceeds solely to the cause of action for conscious pain and suffering. Reimbursement for funeral expenses is sought, and the administrator seeks statutory commissions. The administrator further seeks to distribute the net proceeds, after payment of attorney’s fees and disbursements, and other creditor claims, to the decedent’s distributees in intestacy. There is no opposition.The attorney’s fees are fixed and determined as requested in the petition. The proceeds are allocated to the cause of action for conscious pain and suffering, and the account is settled.The restrictions on the letters issued by this court are removed, and the administrator is authorized to collect the compromise proceeds and to execute such receipts and releases as may be required.The net settlement proceeds shall be distributed to decedent’s intestate distributees, one of whom is an infant, and that distributive share shall be distributed to the infant’s property guardian — who appeared in that capacity in this proceeding — to be deposited in a bank account subject to the order of this court.Decree settling the administrator’s account signed.Dated: January 3, 2018
