14-3604. Bond amount; security; procedure;
reduction
A. 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 oath with the registrar indicating his best estimate of the value of the
personal estate of the decedent, real estate, less encumbrances thereon and of the income
expected from the personal and real estate during the next year, and he shall execute and
file a bond with the registrar, or give other suitable security, in an amount not less
than the estimate provided, however, that said bond may be reduced by the amount of any
real estate, less encumbrances thereon, if the letters issued to the personal
representative contain the restriction that sales of real property by the personal
representative are subject to court confirmation. 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 the clerk of the court or a domestic
financial institution, as defined in section 14-6101, 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.
B. When a surety of a personal representative desires to be released from
responsibility for future acts, he may apply to the court for a release. The court shall
cause a citation to be issued to the personal representative, requiring him to appear at
a time and place therein specified, and to give other security. Notice shall be given to
the personal representative as provided in section 14-3602. If new security is given and
approved by the judge he may thereupon order that the surety who applied for release
shall not be liable on his bond for any subsequent act, default or misconduct of the
personal representative. If the personal representative neglects or refuses to give new
and sufficient security on the return of the citation, or within such reasonable time as
the judge allows, unless the surety making the application consents to an extension of
time, the court shall revoke the letters.
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