1. Before the guardian, committee or conservator executes and delivers the deed, mortgage, release or lease pursuant to the judgment or receives any portion of the proceeds arising from the transaction, he shall give security for the faithful performance of his trust, for the paying over and investing of and accounting for all moneys received by the guardian, committee or conservator in the special proceeding and for the observance of the provisions of law and the directions of the court in relation to the trust. Such security shall have the same force and effect as if it had been filed before the guardian, committee or conservator acted on behalf of the infant, incompetent person or conservatee and the application to the court was made in the proceeding.2. The court may, by order, dispense wholly or in part with the giving of security if the sureties on the undertaking, if any, theretofore filed by the general or testamentary guardian of the property of the infant, the committee of the property of the incompetent person, or conservator of the property of the conservatee as well as such guardian, committee, or conservator consent to its extension to cover the special proceeding, and the court deems such extended undertaking sufficient to protect the interests of the infant, incompetent person or conservatee in such proceeding. The consent shall be in writing and shall be filed with the order dispensing with the giving of security.N.Y. Real Prop. Acts. Law § 1744