Guam § 2023 - Security May Be Provided By Insurance.

§ 2023. Security May Be Provided By Insurance.

Security for the faithful performance of the personal representative's

trust, as required by Section 2011 of this Title, may in the discretion of

the Superior Court of Guam be provided, in whole or in part, by the

procurement and maintenance by the personal representative of a policy

or policies of insurance sufficient to indemnify the estate for the loss of

or damage to the property of the estate which is the subject- matter of

such policy or policies; provided, that in such case such policy or

policies shall clearly provide that the loss beneficiary thereunder shall be

the estate, and not the personal representative in his individual capacity;

and provided further, that if the Superior Court of Guam orders that

security for the faithful performance of the personal representative shall

COL10312014

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

FAITHFUL PERFORMANCE OF PERSONAL REPRESENTATIVE

be provided, in whole or in part, as set forth hereinabove in this Section,

letters shall not issue to the personal representative until the Superior

Court of Guam is satisfied that each insurance company providing such

policy or policies of insurance has been served with a copy of such order,

that such policy or policies are in effect, and that a certified copy of such

policy or policies has been filed with the Clerk of the Superior Court of

Guam.