Substituted Adminstrators Bond

Docket No.: ____________ OFFICE OF THE SURROGATE ESSEX COUNTY Theodore N. Stephens, II SURROGATE Devero D. McDougal DEPUTY SURROGATE 469 Dr. Martin Luther King, Jr. Blvd. Hall of Records, Room 206 Newark, New Jersey 07102 http:\\www.co.essex.nj.us/surrog.htm IMPORTANT INFORMATION REGARDING BONDS 1. The Surrogate is the Judge of the Surrogate's Court. In that capacity, they have appointed you as a fiduciary. Pursuant to New Jersey statutes, the order of appointment includes a requirement that you post bond. NJSA 3B:15-1. The purpose of the bond is to protect the heirs and creditors of the estate. 2. A surety bond is not insurance. You are responsible for any losses which cause the surety to make payment on your behalf. The Indemnity Agreement is your promise to repay the surety. 3. You are free to purchase this bond from any qualified source. 4. The law establishes minimum terms and conditions for indemnity and collection, which must be in each bond. The other terms, such as premium and duration are between you and the bonding company. 5. The initial premium is due when the bond application is completed. Annual premiums are due each year until the estate is closed. Those annual bills will come directly from the bonding agent. 6. If the value of the estate is reduced, you can have the bond reduced. Since the premium is determined by the amount of the bond, reducing the bond will result in a savings in most cases. 7. Please remember that the bond does not terminate at the end of the first year. If you do not notify the bonding company that the estate is closed they will continue the bond and they will bill you each year for another premium. 5_SUBSTITUTED_ADMIN_BOND Page 1 of 3 American LegalNet, Inc. www.FormsWorkFlow.com Docket No.: _____________ State of New Jersey Essex County Surrogate's Court In the matter of the Estate of: ____________________________________________, Deceased AKA: ______________________________________ } SUBSTITUTED ADMINISTRATOR BOND KNOW ALL MEN BY THESE PRESENTS, that we, ___________________________________ Substituted Administrator/rix of the estate of ________________________________, deceased, (hereinafter referred to as Substituted Administrator/rix) as Principal, and ___________________________, a corporation of the State of__________________ as Surety, are held and firmly bound unto the Superior Court of New Jersey in the sum of _______________________________________________________ lawful money of the United States, to be paid to the said Superior Court, its successors or assigns, to which payment well and truly to be made, we bind ourselves, our heirs, executors, administrators, successors and assigns, jointly and severally, firmly by these presents. Sealed with our seals, and dated ___________________________________________. THE CONDITION OF THIS OBLIGATION IS SUCH (N.J.S.A. 3B:15-5) That if the above bounden Substituted Administrator/rix shall perform every one of the duties described in the numbered paragraphs which immediately follow this paragraph, then the above obligation shall be void and of no effect, or else shall remain in full force and virtue. 1. If required by the Court or if an exemption is to be set off as required in N.J.S.A. 3B:16-1, et seq., to make a true and perfect inventory of the real and personal property of the decedent, which has or shall come into their hands, possession or knowledge or into the hands of any other person or persons for them, and to cause an appraisal to be made of the real and personal property and to file the inventory and appraisal in the Office of the Clerk of the Superior Court or of the Surrogate of Essex County, as the ease may be, within the time so required; 2. To faithfully discharge all of the duties imposed upon them according to law; 3. To make a just and true account of their administration of the estate, and, if required by the Court, to settle his/her account therein within the time so required; 4. To deliver and pay to the distributees entitled thereto by law the surplus property of the deceased as may remain pursuant to the account; and 5_SUBSTITUTED_ADMIN_BOND Page 2 of 3 American LegalNet, Inc. www.FormsWorkFlow.com Docket No.: ________________ 5. To deliver their Letters of Administration to the proper court when required so to do, if a Will of the deceased is found and exhibited to it and by it admitted to probate. 6. To comply in all respects with the Statutes pertaining thereto. The Principal and Surety hereby submit themselves to the jurisdiction of the Superior Court and do hereby irrevocably appoint the Clerk of the Superior Court/Surrogate of Essex County as their agent upon whom papers affecting their liability on the bond may be served. The Principal and Surety waive any right to a jury trial in an action to enforce liability on the bond. Liability on the bond may be enforced by motion in the action, if one is pending, without the necessity of any independent action and said motion may be served upon the Principal and Surety by mailing it, by ordinary mail, to the Clerk of the Superior Court/Surrogate of Essex County, as named above, who shall forthwith mail copies thereof to the Principal at: __________________________________________________________________________________________________________ and Surety at: ___________________________________________________________________________________________________________ Signed, Sealed And Delivered In The Presence Of ___________________________________________ __________________________________PRINCIPAL Witness Signature Signature APPROVED BY: ____________________________________SURETY Signature ___________________________________________ SURROGATE BY: ___________________________________________ ATTORNEY-IN-FACT AFFIX SEAL Attorney of Record: ____________________________ ____________________________ ____________________________ ____________________________ 5_SUBSTITUTED_ADMIN_BOND Page 3 of 3 American LegalNet, Inc. www.FormsWorkFlow.com