3B:15-21 - Reduction of fiduciary's bond; discharge of original sureties
3B:15-21. Reduction of fiduciary's bond; discharge of original sureties When it shall appear upon the allowance of a fiduciary's intermediate account that the fiduciary's bond is in a greater sum than is necessary for the proper protection of property and assets of the estate remaining in his hands, the court may, in an action for that purpose, allow the fiduciary to give a new bond in a lesser sum as the court may deem sufficient.
When the new bond, with conditions and sureties duly approved, is filed, the court by its order may discharge the sureties upon the original bond from all liability thereunder after the date of the order.
L.1981, c. 405, s. 3B:15-21, eff. May 1, 1982.