ArticuLaw Primo

RULE 81

Bonds of Executor and Administrator

 

 

BOND OF EXECUTOR/ADMINISTRATOR

(Sec.1)

 

 

 

Question: When filed?

 

    Before an executor or administrator enters upon execution of his trust, the amount shall be fixed by the court

 

CONDITIONS

 

   - Make an INVENTORY of property which came to his knowledge and possession within 3 MONTHS.

   - ADMINISTER the estate and from the proceeds pay all debts   and charges.

   - Render an ACCOUNT within ONE YEAR

   - Perform all orders of the court.

 

ADMINISTRATOR’S BOND — STATUTORY BOND

 

     Conditions prescribed by statute forms part of bond agreement.

 

   Terms and effectivity of bond does not depend on payment of premium and does not expire until the administration is closed. As long as the probate court retains jurisdiction of the estate, the bond contemplates a continuing liability. (Luzon Surety vs. Quebrar, 127 SCRA 295).

 

BOND OF SPECIAL ADMINISTRATOR (Sec.4)

Conditions

 

- make inventory.

- mrender accounting when required by court.

- deliver the same to person appointed executor or administrator or other authorized persons.

 

    The bond is effective as long as the court has jurisdiction over the proceedings.