Arizona Laws 41-606. Action as executor, administrator, guardian or conservator; bond; method of payment
A. The department shall post with the secretary of state a corporate surety bond in an amount of five hundred thousand dollars. The bond shall be conditioned upon the faithful discharge of the department’s duties as executor, administrator, conservator or guardian and shall inure to the use and benefit of each person or estate for whom the department is appointed to act. In any case or proceeding in which the department is appointed administrator, executor, guardian or conservator as authorized under this article, the department shall act without additional bond and the court or official having jurisdiction shall so order in its order of appointment.
Terms Used In Arizona Laws 41-606
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Department: means the department of veterans' services. See Arizona Laws 41-601
- Executor: A male person named in a will to carry out the decedent
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
B. In each case in which the department is appointed to serve as administrator, conservator, executor or guardian as authorized under this article, the court in which the estate is filed shall authorize a charge for each estate’s share of the bond premium to be paid from the assets of the estate and to be deposited, pursuant to sections 35-146 and 35-147, in the state general fund. The department shall determine the charge to be made against each estate.