75-3-604 - Bond amount -- Security -- Procedure -- Reduction.
75-3-604. 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 his application or petition, the person qualifying shall file a statement under oathwith the clerk indicating his best estimate of the value of the personal and real estate of thedecedent and of the income expected from the personal and real estate during the next year, andhe shall execute and file a bond with the clerk, or give other suitable security, in an amount notless than the estimate reduced by the amount of secured claims against such property. The clerkshall determine that the bond is duly executed by a corporate surety, or one or more individualsureties whose performance is secured by pledge of personal property, mortgage on real property,or other adequate security. The clerk may permit the amount of the bond to be reduced by thevalue of assets of the estate deposited with a domestic financial institution (as defined in Section75-6-101) in a manner that prevents their unauthorized disposition. On petition of the personalrepresentative or another interested person the court may excuse a requirement of bond, increaseor reduce the amount of the bond, release sureties, or permit the substitution of another bond withthe same or different sureties.
Enacted by Chapter 150, 1975 General Session