🔤 Administration Bond ✨

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🔊 Play Roman

administration bond, wirasat sanbhalne ki qanooni zamanat

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📚noun phrase

administration bond

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DEFINITION

a surety bond provided by an court-appointed administrator to guarantee the faithful performance of duties in managing a deceased person's estate

EXAMPLE SENTENCES

The probate court required the executor to post an administration bond before taking charge. An administration bond protects beneficiaries against potential mismanagement of estate assets. The financial institution backed the administration bond for the estate's trustee. If the administrator breaches fiduciary duty, the administration bond covers financial losses. The court determined the amount of the administration bond based on total asset value.

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probate bond fiduciary bond executor bond