N.Y. EPT Law § 7-2.7

§ 7-2.7 Accounting by trustee in supreme court\n (a) Any proceeding for an accounting or other relief brought by a\ntrustee or by a substituted or successor trustee may be commenced by\nsuch notice to the beneficiaries of the trust as the supreme court may\ndirect.\n (b) In case of the resignation, suspension or removal, pursuant to\nthis article, of any trustee of a trust which includes real property and\nmortgage participation certificates held by more than one person and\nsecured by a mortgage on real property or any estate therein, payment of\nwhich certificates is not guaranteed by the trustee or by any title or\nmortgage guaranty or investment company, the court in its discretion may\ndispense with a formal accounting by such trustee; but the trustee shall\nfile with the court a statement of the condition of the trust and of the\nsecurity underlying such certificates as of the date of his resignation,\nsuspension or removal and shall assign, transfer or convey all of the\nassets of the trust to the successor trustee or to the receiver or other\nofficer appointed by the court, as the case may be.\n