§560:3-604 Bond amount; security; procedure; reduction. If bond is required and the provisions of the will or order do not specify the amount, unless stated in the person's application or petition, the person qualifying shall file a statement under oath with the registrar indicating the person's best estimate of the value of the personal estate of the decedent and of the income expected from the personal and real estate during the next year, and the person shall execute and file a bond with the registrar, or give other suitable security, in an amount not less than the estimate. The registrar shall determine that the bond is duly executed by a corporate surety, or one or more individual sureties whose performance is secured by pledge of personal property, mortgage on real property, or other adequate security. The registrar may permit the amount of the bond to be reduced by the value of assets of the estate deposited with a domestic financial institution (as defined in section 560:6-101) in a manner that prevents their unauthorized disposition. On petition of the personal representative or another interested person the court may excuse a requirement of bond, increase or reduce the amount of the bond, release sureties, or permit the substitution of another bond with the same or different sureties. [L 1996, c 288, pt of §1]
Section: Previous 560-3-502 560-3-503 560-3-504 560-3-505 560-3-601 560-3-602 560-3-603 560-3-604 560-3-605 560-3-606 560-3-607 560-3-608 560-3-609 560-3-610 560-3-611 NextLast modified: October 27, 2016