Arizona § 14-3604 - Bond amount; security; procedure; reduction

§ 14-3604. Bond amount; security; procedure; reduction

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 with the registrar indicating his best estimate of the value of the personal estate of the decedent, real estate, less encumbrances thereon and of the income expected from the personal and real estate during the next year, and he shall execute and file a bond with the registrar, or give other suitable security, in an amount not less than the estimate provided, however, that said bond may be reduced by the amount of any real estate, less encumbrances thereon, if the letters issued to the personal representative contain the restriction that sales of real property by the personal representative are subject to court confirmation. The registrar shall determine that the bond is duly executed by a corporate surety, or one or more individual sureties whose performance is secured by pledge of personal property, mortgage on real property or other adequate security. The registrar may permit the amount of the bond to be reduced by the value of assets of the estate deposited with the clerk of the court or a domestic financial institution, as defined in section 14-6101, in a manner that prevents their unauthorized disposition. On petition of the personal representative or another interested person 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.

B. When a surety of a personal representative desires to be released from responsibility for future acts, he may apply to the court for a release. The court shall cause a citation to be issued to the personal representative, requiring him to appear at a time and place therein specified, and to give other security. Notice shall be given to the personal representative as provided in section 14-3602. If new security is given and approved by the judge he may thereupon order that the surety who applied for release shall not be liable on his bond for any subsequent act, default or misconduct of the personal representative. If the personal representative neglects or refuses to give new and sufficient security on the return of the citation, or within such reasonable time as the judge allows, unless the surety making the application consents to an extension of time, the court shall revoke the letters.