2017 Oregon Revised Statutes
Volume : 03 - Landlord-Tenant, Domestic Relations, Probate
Chapter 113 - Initiation of Estate Proceedings
Section 113.105 - Bond for personal representative.
(1)(a) Except as provided in subsections (2) to (4) of this section, the personal representative may not act, and letters may not be issued to the personal representative, until the personal representative provides a bond to the clerk of the court. The bond must be for the security and benefit of all interested persons and must be conditioned upon the personal representative faithfully performing the duties of the position. The bond must be executed by a surety qualified under ORCP 82 D to G.
(b) The amount of the bond set by the court under this subsection must be adequate to protect interested persons. In setting the amount of the bond, the court shall consider:
(A) The nature, liquidity and apparent value of the assets of the estate.
(B) The anticipated income during administration.
(C) The probable indebtedness and taxes.
(2) Subsection (1) of this section does not apply if:
(a) The will provides that no bond is required, but the court may, for good cause, require a bond notwithstanding any provision in a will that no bond is required;
(b) The personal representative is the sole heir or devisee, but the court may, for good cause, require a bond notwithstanding the fact that the personal representative is the sole heir or devisee; or
(c) The personal representative is the Department of State Lands, the Department of Veterans’ Affairs, the Director of Human Services, the Director of the Oregon Health Authority or an attorney approved under ORS 113.086.
(3) Upon a request by the personal representative, the court may waive the requirement of a bond if:
(a) The request states the reasons why the waiver is requested; and
(b) The request describes the known creditors of the estate.
(4) The court may waive or reduce the requirement of a bond to the extent that:
(a) The personal representative provides written confirmation from a financial institution that property of the estate is held by the financial institution subject to withdrawal only on order of the court; or
(b) The court restricts the sale, encumbrance or other disposition of property of the estate without prior court approval.
(5) Nothing in this section affects the provisions of ORS 709.240, relating to a trust company acting as personal representative. [1969 c.591 §90; 1971 c.421 §2; 1973 c.369 §1; 1973 c.797 §425; 1989 c.682 §1; 2001 c.900 §16; 2003 c.395 §13; 2005 c.625 §72; 2009 c.595 §77; 2009 c.828 §8; 2017 c.169 §15]
