Rule 81 BONDS OF EXECUTORS AND ADMINISTRATORS

SECTION 1. Bond to be given before issuance of letters. Amount. Conditions.

Amount: How much? In such sum as the Court

directs When files? Before executor or

administrator enter upon the execution of his trust

CONDITIONS Make an INVENTORY of property which

came to his knowledge and possession, or to the possession of other person for him within 3 MONTHS.

ADMINISTER the estate and from the proceeds pay all debts and charges.

Render an ACCOUNT within ONE YEAR

Perform all orders of the court.

BOND OF EXECUTOR WHERE DIRECTED IN WILL. WHEN FURTHER BOND REQUIRED (Sec 2)

When testator directs in his will the executor to serve without a bond, or only his individual bond (ALLOWED BY COURT)

Further bond may be required by court in case of change of executors circumstances.

BONDS OF JOINT EXECUTORS & ADMINISTRATORS (Sec. 3)

Either separate or joint bond if 2 or more persons are appointed as executors or administrators

BOND OF SPECIAL ADMINISTRATOR (Sec.4)

In such sum as the court directs

Conditions1. make inventory.2. render accounting when required by court. 3. deliver the same to person appointed

executor or administrator or other authorized persons.

* Notes: The bond is effective as long as the court has

jurisdiction over the proceedings.

DEFINITIONS

Individual bond-  a fidelity bond specifying a single person as principal

Property- in this particular rule refers to the GOODS, CHATTELS, RIGHTS, CREDITS, and ESTATE of the deceased