Michigan Laws 700.3604 – Bond amount; security; procedure; reduction
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 700.3604
- Application: means a written request to the probate register for an order of informal probate or informal appointment under part 3 of article III. See Michigan Laws 700.1103
- Court: means the probate court or, when applicable, the family division of circuit court. See Michigan Laws 700.1103
- Decedent: A deceased person.
- Estate: includes the property of the decedent, trust, or other person whose affairs are subject to this act as the property is originally constituted and as it exists throughout administration. See Michigan Laws 700.1104
- Financial institution: means an organization authorized to do business under state or federal laws relating to a financial institution and includes, but is not limited to, a bank, trust company, savings bank, building and loan association, savings and loan company or association, credit union, insurance company, and entity that offers mutual fund, securities brokerage, money market, or retail investment accounts. See Michigan Laws 700.1104
- Person: means an individual or an organization. See Michigan Laws 700.1106
- Personal property: All property that is not real property.
- Personal representative: includes , but is not limited to, an executor, administrator, successor personal representative, and special personal representative, and any other person, other than a trustee of a trust subject to article VII, who performs substantially the same function under the law governing that person's status. See Michigan Laws 700.1106
- Petition: means a written request to the court for an order after notice. See Michigan Laws 700.1106
- Property: means anything that may be the subject of ownership, and includes both real and personal property or an interest in real or personal property. See Michigan Laws 700.1106
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Security: includes , but is not limited to, a note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in an oil, gas, or mining title or lease or in payments out of production under such a title or lease, collateral trust certificate, transferable share, voting trust certificate, or interest in a regulated investment company or other entity generally referred to as a mutual fund or, in general, an interest or instrument commonly known as a security, or a certificate of interest or participation for, a temporary or interim certificate, receipt, or certificate of deposit for, or any warrant or right to subscribe to or purchase any of the items listed in this subdivision. See Michigan Laws 700.1107
- State: means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, or a territory or insular possession subject to the jurisdiction of the United States. See Michigan Laws 700.1107
If bond is required and the provisions of the will or order do not specify the amount, unless stated in the person‘s application or petition, a person qualifying shall file a statement under oath with the register indicating the person’s best estimate of the value of the decedent‘s personal estate and of the income expected from the personal and real estate during the next year, and shall execute and file a bond with the register, or give other suitable security, in an amount not less than the estimate. The register shall determine that the bond is duly executed by a corporate surety, or 1 or more individual sureties whose performance is secured by pledge of personal property, mortgage on real property, or other adequate security. The register may permit the amount of the bond to be reduced by the value of estate property deposited in this state with a financial institution in a manner that prevents the property’s unauthorized disposition. On petition of the personal representative or another interested person or on the court‘s own motion, 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.