On presentation of the petition, where the value of the claim exceeds one thousand dollars, the court shall fix the amount of security or additional security, if any, to be given by such general or testamentary guardian, committee or conservator, for the faithful performance of his trust, to cover the amount of compensation to be received by the infant, incompetent or conservatee because of such appropriation. The court shall dispense with the giving of security, on facts submitted in the petition, in any case where the surrogate had done likewise as to such guardian under the provisions of the surrogate's court procedure act with respect to the property so appropriated.
New York Legal Code