2010 Tennessee Code
Title 30 - Administration of Estates
Chapter 1 - Executors and Administrators
Part 2 - Bonds
30-1-201 - When bond required.
30-1-201. When bond required.
(a) (1) The clerk shall not require a bond of the personal representative before issuing letters testamentary or letters of administration if:
(A) The decedent by will excuses the personal representative from making bond;
(B) The personal representative and the sole beneficiary of the estate are the same person and the court approves;
(C) All of the beneficiaries of the estate are adults and all of them consent in writing to the personal representative's serving without bond and the court approves; or
(D) The personal representative is a bank that is excused from the requirements of bond by § 45-2-1005.
(2) If the preceding exemptions from making bond do not apply, the clerk, before issuing the letters, shall take from the personal representative a bond payable to the state, with two (2) or more sufficient sureties or one (1) corporate surety, in an amount determined by the court. If bond is required, the bond shall not be less than the value of the estate of the decedent subject to administration nor more than double the value of the estate and the court may increase or decrease the amount at any time by order.
(b) Any interested person may petition the court to suggest and show that the personal representative is wasting, or likely to waste, the estate. In this event, the court may require bond in an amount it deems advisable.
[Code 1858, § 2222 (deriv. Acts 1715, ch. 48, § 5; 1813, ch. 120, § 4); Shan., § 3957; Acts 1923, ch. 48, § 1; Shan. Supp., § 3957a1; mod. Code 1932, § 8169; T.C.A. (orig. ed.), § 30-201; Acts 1985, ch. 140, § 6.]
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