§ 15-12-604 — Bond amount - security - procedure - reduction

Colorado § 15-12-604

• Jurisdiction: Colorado
• Title 15: Probate,
• Art.: Probate of Wills and Administration

Text

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 registrar indicating his best estimate of the value of the
personal 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
registrar, or give other suitable security, in an amount not less than the estimate.
The registrar 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. If the
personal representative be a company or association with capital and surplus at
least equal to that required by law of a corporate surety, the registrar may excuse a
requirement of bond. The registrar 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 15-15-201) whose deposits are insured to the
satisfaction of the court 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.

Legislative History

Source: L. 73: R&RE, p. 1580, � 1. C.R.S. 1963: � 153-3-604. L. 90: Entire section amended, p. 921, � 6, effective July 1.