§560:3-603  Bond not required without
court order, exceptions.  (a)  No bond is required of a personal
representative appointed in informal proceedings, except:



(1)  Upon the appointment of a special administrator
where bond has been requested by an interested party and the court is satisfied
that it is desirable;



(2)  When an executor or other personal representative
is appointed to administer an estate under a will containing an express
requirement of bond; or



(3)  When bond is required under section 560:3-605.



(b)  Bond may be required by court order at the
time of appointment of a personal representative appointed in any formal
proceeding except that bond is not required of a personal representative
appointed in formal proceedings if the will relieves the personal
representative of bond, unless bond has been requested by an interested party
and the court is satisfied that it is desirable.  Bond required by any will may
be dispensed with in formal proceedings upon determination by the court that it
is not necessary.  No bond is required of any personal representative who,
pursuant to statute, has deposited cash or collateral with an agency of this
State to secure performance of the personal representative's duties. [L 1996, c
288, pt of §1; am L 1997, c 244, §8]