Statutes, codes, and regulations
New York Codes, Rules and Regulations
Title 22 - JUDICIARYSubtitle B - CourtsChapter IV - Supreme CourtSubchapter D - Fourth Judicial DepartmentArticle 1 - Appellate DivisionSubarticle B - Special Rules
Part 1015 - Attorneys
Section 1015.4 - Deposit of infants' funds; withdrawals; accounting

N.Y. Comp. Codes R. & Regs. tit. 22 § 1015.4

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Current through Register Vol. 46, No. 50, December 11, 2024
Section 1015.4 - Deposit of infants' funds; withdrawals; accounting
(a) Except as otherwise provided by CPLR 1206 or in proceedings governed by article 17 of the Surrogate's Court Procedure Act, any sum collected by an attorney as a result of a claim or demand belonging to or on behalf of an infant shall be deposited in a fiduciary account in the name of the attorney as fiduciary for the infant. A statement of the amount received and deposited shall be served personally or by mail upon the infant's guardian.
(b) The attorney shall not retain, withhold or withdraw any portion of the amount collected or recovered as compensation or reimbursement of disbursements except as authorized by an order of a court, as provided in section 474 of the Judiciary Law.
(c) Infants' funds shall not be withdrawn except by court order. A petition for the withdrawal of such funds shall comply with CPLR 1211 and in addition contain:
(1) an explanation of the purpose of withdrawal;
(2) an estimate of the cost of the proposed expenditure;
(3) the date and amounts of the recovery both by the infant and the parent, if any;
(4) the nature of the infants' injuries and his present state of health; and
(5) any other facts material to the application.
(d) No authorization shall be granted to withdraw such funds where the parents are financially able to support the infant. Except in unusual circumstances, no authorization shall be granted for any purpose other than education or necessaries where the parents are not financially able to support the infant.
(e) No allowance, except for necessary disbursements, shall be made to attorneys upon an application to withdraw infants' funds, unless justified by exceptional circumstances. Such application shall be considered part of the duty of attorneys representing infants in their actions and shall not entitle the attorneys to further compensation except as herein provided.

N.Y. Comp. Codes R. & Regs. Tit. 22 § 1015.4