What is Surety bond?

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Surety bond: the written promise by the personal representative that he or she will faithfully perform his or her duties. This promise is secured by an amount of money set by the clerk or court appointing the personal representative. The bond is usually an insurance policy insuring that if the personal representative breaches his or her duties in any way (but most times is for theft or squandering the assets), the policy will pay for the damages.

Legal Studies & Paralegal

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