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 oath
with the clerk indicating his best estimate of the value of the personal and real estate of the
decedent 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 clerk, or give other suitable security, in an amount not
less than the estimate reduced by the amount of secured claims against such property. The clerk
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 clerk may permit the amount of the bond to be reduced by the
value of assets of the estate deposited with a domestic financial institution (as defined in Section
75-6-101) 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.
Enacted by Chapter 150, 1975 General Session
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Last revised: Thursday, May 28, 2009