Guam § 2011 - General Requirement of Security for Faithful Performance;

§ 2011. General Requirement of Security for Faithful Performance;

Alteration in Security During Pendency of Administration; Security

Not Required of Executor If Waived By Will.

(a) Except as provided in subsections (c) and (d) of this Section,

every person to whom letters testamentary, letters of administration with

the will annexed or letters of administration (hereafter in this Subchapter

referred to as Apersonal representative@) are granted shall, before such

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CH. 20 OATH, FORM OF LETTERS, AND SECURITY FOR

FAITHFUL PERFORMANCE OF PERSONAL REPRESENTATIVE

letters are issued, provide security for the faithful performance of the

trust. The form of the security, the amount thereof, and the terms and

conditions thereof, shall be prescribed by the Superior Court at the time

the letters are granted to the personal representative.

(b) The Superior Court of Guam may, at any time prior to the

discharge of the personal representative, and upon such notice to the

personal representative and to all persons interested in the estate as the

Superior Court of Guam shall deem adequate, alter the form, amount,

terms or conditions of the security provided pursuant to the provisions of

subsection (a) of this Section.

(c) Letters testamentary may be issued to the executor named in a

will without his providing security for the faithful performance of his

trust as required by subsection (a) of this Section, if it is clearly

ascertainable from such will that it was the testator's intention that no

security for faithful performance was to be required of the executor

named therein; provided, that if letters testamentary have been so issued

the Superior Court of Guam may nevertheless, at any time prior to the

discharge of such executor, upon its own motion or upon the petition of

any person interested in the estate, for good cause, require such executor

to provide security for the faithful performance of his trust as in other

cases.

(d) Where it appears that the only assets of an estate consist of non-

income producing real property or real property in the possession of the

United States of America, or of any of the military units of the United

States of America for military necessity, the Superior Court may, in its

discretion, waive security for the faithful performance or the personal

representative's trust, as required by subsection (a) of this Section, until

such time as such real property shall yield income or payment is made to

the personal representative for such possession, military or otherwise.