A. 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 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, or give other suitable security, in an amount no less than the estimate. The court shall determine that the bond is executed by a corporate surety, or one or more individual sureties, acceptable to the court.
B. The court 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 6-101 [45-6-101 NMSA 1978], in a manner that prevents their unauthorized disposition.
C. On petition of the personal representative or another interested person, the district court may:
(1) excuse a requirement of bond;
(2) increase or reduce the amount of the bond;
(3) release sureties; or
(4) permit the substitution of another bond with the same or different sureties.
History: 1953 Comp., § 32A-3-604, enacted by Laws 1975, ch. 257, § 3-604.
ANNOTATIONSOfficial comments. — See Commissioners on Uniform State Law official comment to 3-604 UPC.
Where an estate consists solely of a cause of action in wrongful death, the judge is called upon to estimate the value of that cause of action. In estimating the value, the judge should consider the likelihood of success, the possible judgment rendered and the likelihood the administrator will be called upon to pursue the action. 1975 Op. Att'y Gen. No. 75-30 (opinion rendered under former law).
Am. Jur. 2d, A.L.R. and C.J.S. references. — Lapse of time after guardian's settlement as affecting liability of guardian or his sureties, 50 A.L.R. 61.
Power or discretion of court, after bond of executor, administrator or testamentary trustee has been given, to dispense with, discontinue or modify bond, 121 A.L.R. 951.
33 C.J.S. Executors and Administrators § 67.