If a ground for the objection is that the value of property or an interest in property on which the amount of the bond is based exceeds the value estimated in the bond:
(a) The objection shall state the beneficiary’s estimate of the market value of the property or interest in property.
(b) The principal may accept the beneficiary’s estimate of the market value of the property or interest in property and immediately file an increased bond based on the estimate. In such case, no hearing shall be held on that ground for the objection, and the beneficiary is bound by the estimate of the market value of the property or interest in property.
(Added by Stats. 1982, Ch. 998, Sec. 1.)
Last modified: October 25, 2018