New Jersey Statutes Appendix - Former Title 3A Administration of Estates Decedents and Others 3A § 25-17

When the executor or administrator with the will annexed is the holder of a determinable interest referred to in section 3A:25-15 of this title, he shall, before receiving such personal property into his possession, file a bond to the superior court with the clerk of the superior court or the surrogate of the proper county, as the case may be, unless the will provides that no security shall be required of him.

Such bond shall be in the amount of money or the value of the property to be received, with 2 sufficient sureties, conditioned for the faithful conservation of the property.

Until such bond is filed, the executor or administrator may not receive the moneys or property, but the court may appoint some other proper person to receive and administer the same as trustee, upon giving such security for the faithful discharge of his duties as the court may deem proper.