14-3603. Bond required; exceptions

370 words·~2 min read·/az/title-14/14-3603

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

A. A bond is required of a personal representative unless either:

1. The will expressly waives the bond.

2. All of the heirs if no will has been probated, or all of the devisees under a will that does not provide for waiver of the bond, file with the court a written waiver of the bond requirement. A duly appointed guardian or conservator may waive on behalf of the ward or protected person unless the guardian or conservator is the personal representative.

3. The personal representative is a national banking association, a holder of a banking permit under the laws of this state, a savings and loan association authorized to conduct trust business in this state, a title insurance company that is qualified to do business under the laws of this state, a trust company holding a certificate to engage in trust business from the deputy director of the financial institutions division of the department of insurance and financial institutions or the public fiduciary.

4. The petition for formal or informal appointment alleges that the probable value of the entire estate will allow summary procedures under section 14-3973 and the surviving spouse, or the nominee of the surviving spouse, is applying for appointment as personal representative.

B. In any case where a bond is not required under subsection A of this section, the court, on petition of any interested person and on reasonable proof that the interest of the petitioning person is in danger of being lost because of the administration of the estate, may require a bond in such an amount as the court may direct to protect the interest of the petitioner or of the petitioner and others. An heir or devisee who initially waived bond may be a petitioner under this subsection.

C. If a bond is not initially required because the petition for appointment alleges that the probable value of the entire estate will allow summary procedures under section 14-3973, and it later appears from the inventory and appraisal that the value of the estate will not allow use of such procedures, then the personal representative must promptly file a bond unless one is not required for some other reason under subsection A of this section.