3B:15-10. When fiduciary required to account and give separate security to surety
When the surety on the bond of a fiduciary discovers that the fiduciary is wasting or mismanaging the estate, so that the surety may become liable to loss or damage, the court may, in an action by the surety, and upon sufficient reason therefor, require the fiduciary to render an account of the performance of his office to the surety. If it shall appear that the fiduciary has embezzled, wasted, misapplied, mismanaged or insufficiently secured the estate, the court shall direct the fiduciary to give separate security to the surety for the true payment of the balance in his hands to be paid according to the trust.
L.1981, c. 405, s. 3B:15-10, eff. May 1, 1982.
Section: Previous 3b-15-3 3b-15-4 3b-15-5 3b-15-6 3b-15-7 3b-15-8 3b-15-9 3b-15-10 3b-15-11 3b-15-12 3b-15-13 3b-15-14 3b-15-15 3b-15-16 3b-15-17 Next
Last modified: October 11, 2016