2005 Nevada Revised Statutes - Chapter 142 — Oaths and Bonds

CHAPTER 142 - OATHS AND BONDS

NRS 142.010 Oathor affirmation of personal representative.

NRS 142.020 Requirementof bond discretionary with court; reduction of bond; proof of blocked account;additional bond; amount of bond.

NRS 142.030 Natureof suretys liability: Extent of bond.

NRS 142.035 Jurisdictionof court over surety; clerk of court appointed as agent of surety; enforcementof liability of surety.

NRS 142.040 Justificationon oath required by surety.

NRS 142.050 Hearingto determine accuracy of justification of surety; additional security.

NRS 142.060 Appointmentof person next entitled.

NRS 142.070 Bondmay be required despite provisions of will.

NRS 142.080 Petitionfor additional security; court may require additional security; petition forincrease in bond.

NRS 142.090 Hearingon sufficiency: Issuance and service of citation; order.

NRS 142.100 Appointmentof person next in order.

NRS 142.110 Suspensionof powers pending hearing; effect of order of suspension.

NRS 142.130 Petitionof surety for discharge; issuance and service of citation.

NRS 142.140 Revocationfor failure to give new sureties.

NRS 142.150 Dischargeof sureties.

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NRS 142.010 Oathor affirmation of personal representative.

1. Before letters may be issued to a personalrepresentative, the personal representative must take and subscribe an oath oraffirmation, before a person authorized to administer oaths, that the personalrepresentative will perform according to law the duties of a personalrepresentative. The oath must be filed by the clerk.

2. The oath of a corporation appointed as a personalrepresentative may be taken and subscribed by an authorized representative uponits behalf.

[67:107:1941; 1931 NCL 9882.67](NRS A 1975, 1769;1985, 1213; 1999,2284)

NRS 142.020 Requirementof bond discretionary with court; reduction of bond; proof of blocked account;additional bond; amount of bond.

1. Therequirement of a bond of a personal representative is discretionary with thecourt. Whether a bond is expressly required by the will or not, the court may:

(a) Require abond if it determines a bond is desirable; or

(b) Dispensewith the requirement of a bond if it determines a bond is unnecessary.

2. The bondmust be conditioned so that the personal representative will faithfully executethe duties of the office according to law, and the bond must be filed by theclerk.

3. Personalassets of an estate may be deposited with a domestic credit union or otherdomestic financial institution upon such terms as may be prescribed by order ofthe court having jurisdiction of the estate. The deposit is subject to thefurther order of the court. The bond of the personal representative may bereduced accordingly. The personal representative shall file with the clerk theacknowledgment of an authorized representative of the financial institutionthat holds the assets deposited, which may be in the following form:

 

PROOF OF BLOCKED ACCOUNT

 

The undersignedaffirms that ..........................................., as personal representativeof the estate of ............................., deceased, has established anaccount, number ........., entitled ..........., in the amount of$............

The undersignedacknowledges that this account bears a blocked/frozen designation, and that nomoney may be removed without first presenting an order from the courtauthorizing the withdrawal.

Dated on ....................................... (date). By: ................................................

Title:.............................................

 

4. During thependency of the administration, any person, including a creditor, having aninterest in an estate whose value exceeds $10,000 may file a petition requestingthat the personal representative submit additional bond. Upon the filing of thepetition, the clerk shall set it for hearing, and the petitioner shall givenotice for the period and in the manner provided in NRS 155.010. Upon hearing the petition, thecourt may require the personal representative to file additional bond in theamount of the claim of the petitioner, unless it determines that bond should bedispensed with or set in a different amount.

5. The amountof the bond is the estimated value of all personal property plus income for 1year from both real and personal property, unless the amount of the bond isexpressly mentioned in the will, changed by the court or required pursuant tosubsection 4.

6. If a banking corporation, as defined in NRS 657.016, or trust company, as definedin NRS 669.070, doing business in thisState is appointed the personal representative of the estate of a decedent, nobond is required unless otherwise specifically required by the court.

[68:107:1941; 1931 NCL 9882.68](NRS A 1959, 500;1969, 1189; 1971, 1009; 1973, 385; 1983, 199; 1999, 1457, 2285; 2001, 91)

NRS 142.030 Natureof suretys liability: Extent of bond. Thebond is not void upon the first recovery, but may be sued upon from time totime by any person aggrieved in that persons own name until the whole penaltyis exhausted.

[69:107:1941; 1931 NCL 9882.69](NRS A 1999, 2286)

NRS 142.035 Jurisdictionof court over surety; clerk of court appointed as agent of surety; enforcementof liability of surety. If a personalrepresentative is required by a court pursuant to the provisions of thischapter to provide security in the form of cash or a bond, stipulation or otherundertaking with one or more sureties, each surety for that security submits tothe jurisdiction of the court which ordered the security, and irrevocablyappoints the clerk of that court as the agent upon whom any papers affectingthe suretys liability on the security may be served. The liability of thesurety may be enforced on petition without the necessity of an independentaction. The petition and such notice of the hearing upon the petition as thecourt prescribes may be served on the clerk of the court, who shall mail copiesto the surety at the suretys last known address.

(Added to NRS by 1995, 19; A 1999, 2286)

NRS 142.040 Justificationon oath required by surety. If a bond is requiredunder this chapter, the sureties must justify on oath before the court or clerkor before a notary public, or a justice of the peace of the county, to theeffect that they are householders, or freeholders, within this State, and worththe amount for which they become surety, over and above all just debts andliabilities, exclusive of property exempt from execution. The justificationmust be signed by the sureties and certified by the person taking thejustification, and endorsed on or attached to and filed with the bond.

[70:107:1941; 1931 NCL 9882.70](NRS A 1985, 1214; 1999, 2286)

NRS 142.050 Hearingto determine accuracy of justification of surety; additional security.

1. Before acourt approves any bond required under this chapter, it may, on its own motion,or at any time after the approval of a bond upon petition of an interestedperson, supported by affidavit that any one or all of the sureties is or arenot worth as much as justified to, order a citation to issue, requiring thesurety or sureties to appear before the court at a particular time and place totestify relating to the property and its value. The court shall, at the timethe citation is issued, cause a notice or subpoena to issue to the personalrepresentative requiring his appearance at the return of the citation.

2. Upon the return of the citation, the court shallquestion the surety and such witnesses as may be produced concerning theproperty of the surety or sureties and its value. If, upon such investigation, thecourt is satisfied that the bond is insufficient, it may require sufficientadditional security within such time as it may set.

[71:107:1941; 1931 NCL 9882.71](NRS A 1999, 2287)

NRS 142.060 Appointmentof person next entitled. If sufficientsecurity is not given within the time fixed by the courts order, or suchfurther time as the court may allow, the right of the personal representativeto administer the estate ceases and the person next entitled to theadministration of the estate, who will post a sufficient bond, must beappointed to the administration.

[72:107:1941; 1931 NCL 9882.72](NRS A 1999, 2287)

NRS 142.070 Bondmay be required despite provisions of will. Ifit is expressly provided in the will of a decedent that no bond may be requiredof the personal representative, letters may issue without any bond being given,but a personal representative to whom letters have been issued without bondmay, at any time afterward, if it is shown for any cause to be necessary orproper, be required to provide and file a bond as in other cases.

[73:107:1941; 1931 NCL 9882.73](NRS A 1999, 2287)

NRS 142.080 Petitionfor additional security; court may require additional security; petition forincrease in bond.

1. If an interested person discovers that the suretiesof a personal representative have become or are becoming insolvent, or that anyone of them has removed from, or is about to remove from the State, or thatfrom any other cause the bond is insufficient, the interested person may file apetition with the court requesting that further security be given.

2. If it comes to the knowledge of the court that thebond is for any cause insufficient, it may, on its own motion, without anypetition, require further security.

3. A personal representative or his counsel, if eitherbecomes aware of facts causing a need therefor, shall petition the court for anorder ex parte increasing a bond to the total appraised value of personalproperty on hand plus 1 years estimated income from real and personalproperty. In an accounting, if a bond has been posted, a separate paragraphmust be included describing the total bond posted, the appraised value ofpersonal property on hand plus the estimated annual income from real andpersonal property and a statement of any additional bond thereby required.

[74:107:1941; 1931 NCL 9882.74](NRS A 1999, 2287)

NRS 142.090 Hearingon sufficiency: Issuance and service of citation; order.

1. If thecourt is satisfied from a petition for additional bond or otherwise believesthat the matter requires investigation, a citation must be issued to thepersonal representative requiring the personal representative to appear beforethe court at a designated time and place, to show cause why the personalrepresentative should not give further security. The citation must be served onthe personal representative pursuant to NRS155.050.

2. On the return of the citation or at such other timeas the court may appoint, it shall proceed to hear the matter, and if itsatisfactorily appears that the security, from any cause, is insufficient, itshall enter an order requiring the personal representative to give furthersecurity, or to file a new bond in the usual form, within a reasonable time,not less than 5 nor more than 30 days.

[75:107:1941; 1931 NCL 9882.75](NRS A 1999, 2288)

NRS 142.100 Appointmentof person next in order. If sufficientsecurity or additional security is not given within the time fixed by thecourts order, the right of the personal representative to administer theestate ceases, and the person next entitled to administer the estate, who willpost a sufficient bond, must be appointed. If letters have already been issuedto the personal representative, the letters must be revoked and the authorityof the personal representative thereupon ceases. The person next entitled toadminister the estate, who will post a proper bond, must be appointed, upongiving the notice required by NRS 155.010.

[76:107:1941; 1931 NCL 9882.76](NRS A 1999, 2288)

NRS 142.110 Suspension of powers pending hearing;effect of order of suspension.

1. If apetition is presented requesting that a personal representative be required togive further security, and if it is also alleged on oath or affirmation thatthe personal representative is wasting the property of the estate, the courtmay, by order, suspend the powers of the personal representative until thematter can be heard and determined.

2. If an order of suspension is entered, the personalrepresentative is restrained as provided in NRS141.095. After the suspension, the personal representative must be cited toshow cause and the matter must be heard and determined pursuant to NRS 141.130.

[77:107:1941; 1931 NCL 9882.77](NRS A 1999, 2288)

NRS 142.130 Petitionof surety for discharge; issuance and service of citation. If a surety of a personal representative desires to bereleased from responsibility on account of future acts, the surety may petitionthe court for relief. The court shall cite the personal representative toappear at a designated time and place and give other security. If the personalrepresentative cannot be found after due diligence and inquiry, the citationmay be served by leaving a copy of it at the residence of the personalrepresentative, or by serving the attorney of the personal representative, orby such publication as the court orders pursuant to the provisions of NRS 143.190.

[79:107:1941; 1931 NCL 9882.79](NRS A 1999, 2289)

NRS 142.140 Revocationfor failure to give new sureties. If thepersonal representative neglects or refuses to give new sureties, to thesatisfaction of the court, on the return of the citation, the court beingsatisfied the citation has been served, or within such reasonable time as thecourt allows, not exceeding 5 days unless the surety petitioning consents to alonger extension of time, the court shall revoke the letters granted.

[81:107:1941; 1931 NCL 9882.81](NRS A 1999, 2289)

NRS 142.150 Dischargeof sureties. If new sureties are given to thesatisfaction of the court, it shall thereupon enter an order that the suretywho applied for relief is not liable for any subsequent act, default ormisconduct of the personal representative.

[80:107:1941; 1931 NCL 9882.80](NRS A 1999, 2289)

 

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