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Current as of January 01, 2024 | Updated by Findlaw Staff
The court or surrogate appointing a fiduciary in any of the instances enumerated below shall secure faithful performance of the duties of his office by requiring the fiduciary thereby authorized to act to furnish bond to the superior court in such a sum and with such proper conditions and sureties, having due regard to the value of the estate in his charge and the extent of his authority, as the court shall approve:
a. When an appointment is made upon failure of the will, or other instrument creating or continuing a fiduciary relationship, to name a fiduciary;
b. When a person is appointed in the place of the person named as fiduciary in the will, or other instrument creating or continuing the fiduciary relationship;
c. When the office to which the person is appointed is any form of administration, other than administration ad litem which may be granted with or without bond;
d. When the office to which the person is appointed is any form of guardianship of a minor or mental incompetent, except as otherwise provided in section 3A:6-22 of this title with respect to a guardian appointed by will;
e. When letters are granted to a nonresident executor, except in cases where the will provides that no security shall be required of the person named as executor therein;
f. When an additional or substituted fiduciary is appointed; or
g. When an appointment is made under chapter 39 of this title, of a fiduciary for the estate or property, or any part thereof, of an absentee.
Where a fiduciary removes from the state the court may require him to give such security as it may determine.
When specific conditions as to a particular bond are prescribed by law no such bond shall be approved unless the prescribed conditions are included therein, and where by law security is authorized to be given other then by sureties on the bond, compliance with such law shall be deemed compliance with this section.
Nothing contained in this section shall be construed to require a bond in any case where by law it is specifically provided that no bond need be furnished.
Cite this article: FindLaw.com - New Jersey Statutes Appendix - Former Title 3A Administration of Estates Decedents and Others 3A § 7-1 - last updated January 01, 2024 | https://codes.findlaw.com/nj/appendix-former-title-3a-administration-of-estates-decedents-and-others/nj-st-sect-3a-7-1/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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