California Probate Code 3150 – (a) Unless the court for good cause dispenses with the bond, the …
(a) Unless the court for good cause dispenses with the bond, the court shall require the petitioner to give a bond, in the amount fixed by the court, conditioned on the duty of the petitioner to account for and apply the proceeds of the transaction to be received by the petitioner only as the court may by order direct.
(b) Unless the court for good cause fixes the amount of the bond in a lesser amount, if given by an admitted surety insurer, the bond shall be in an amount not less than the value of the personal property (including cash and any notes) to be received by the petitioner, as determined by the court.
Terms Used In California Probate Code 3150
- Personal property: All property that is not real property.
- transaction: means a transaction that involves community real or personal property, tangible or intangible, or an interest therein or a lien or encumbrance thereon, including, but not limited to, those transactions with respect thereto as are listed in Section 3102. See California Probate Code 3100
(c) If the sureties on the bond are personal sureties, the bond shall be approved by the court and shall be for twice the amount required for a bond given by an admitted surety insurer.
(d) Section 2328 is applicable to the bond of the petitioner under this chapter.
(Enacted by Stats. 1990, Ch. 79.)