New York Petition for Compulsory Accounting & Related Relief is a legal process that allows a party to obtain accounting information from another party in order to settle a dispute or collect a debt. This process is available to creditors, debtors, or other parties who have an interest in a contract dispute or money owed. There are two types of petitions: a Petition for Compulsory Accounting and a Petition for Related Relief. A Petition for Compulsory Accounting requests information related to the debt or contract dispute, such as the amount owed, the type of debt, and a list of creditors. It also requests the debtor's name, address, and other information to help the creditor verify the debt. A Petition for Related Relief requests additional relief from the court, such as an order to freeze the debtor's assets or to appoint a receiver to take control of the debtor's assets. The New York Petition for Compulsory Accounting & Related Relief process can be complex and is best handled by an experienced lawyer. Once the court grants the petition, the creditor or other party can use the information obtained to negotiate a settlement or collect the debt.
New York Petition for Compulsory Accounting & Related Relief
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Informal Accounting: What is it? Informal accounting of an estate is performed by the executor, who was appointed by the deceased. During the process of informal accounting, the executor reviews and interprets the will to determine the deceased's wishes for asset distribution.
Definition of JUDICIAL SETTLEMENT: To indicate that the account is acceptable, and to release the fiduciary from liability, the court will issue a decree judicially settling the account. Example: Jacy, as executor of her mother's estate, filed her final accounting with the court.
Temporary letters are those that are issued while a petition for a standard letter of administration is pending with the Surrogate's Court. These are typically issued when an immediate estate concern has arisen, or other urgent matters and they expire every six months.
Limited Letters of Administration are issued by the Surrogates Court to empower an individual to perform very specific and limited tasks. A person with Limited Letters of Administration may be empowered to bring a lawsuit, investigate estate assets or to bring a discovery and turnover proceeding.
In New York there is a rule for who can file the Administration proceeding. In general, the person who is the closest distributee (family member) to the Decedent files for administration. See order of priority of family member distributees who can file the Administration proceeding When There Is No Will.
Letters of Administration must be obtained from the Surrogate's Court in the county of the Decedent's residence.
Generally, Letters of Administration are documents issued by the New York Surrogate's Court authorizing a person (called 'Administrator') to manage or distribute the property of a deceased person who died intestate (without making a Will).
As a beneficiary, you typically have the right to compel an accounting from the trustee. The two primary reasons to compel an account are: 1) to check the status of trust assets; and 2) to determine if the trustee is acting within his or her discretion or has breached a duty.