New Jersey Statutes 3B:15-21. Reduction of fiduciary’s bond; discharge of original sureties
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Terms Used In New Jersey Statutes 3B:15-21
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Estate: means all of the property of a decedent, minor or incapacitated individual, trust or other person whose affairs are subject to this title as the property is originally constituted and as it exists from time to time during administration. See New Jersey Statutes 3B:1-1
- Fiduciary: A trustee, executor, or administrator.
- Fiduciary: includes executors, general administrators of an intestate estate, administrators with the will annexed, substituted administrators, substituted administrators with the will annexed, guardians, substituted guardians, trustees, substituted trustees and, unless restricted by the subject or context, temporary administrators, administrators pendente lite, administrators ad prosequendum, administrators ad litem and other limited fiduciaries. See New Jersey Statutes 3B:1-1
When it shall appear upon the allowance of a fiduciary‘s intermediate account that the fiduciary‘s bond is in a greater sum than is necessary for the proper protection of property and assets of the estate remaining in his hands, the court may, in an action for that purpose, allow the fiduciary to give a new bond in a lesser sum as the court may deem sufficient.
When the new bond, with conditions and sureties duly approved, is filed, the court by its order may discharge the sureties upon the original bond from all liability thereunder after the date of the order.
L.1981, c. 405, s. 3B:15-21, eff. May 1, 1982.