Sec. 12-9. Additional bond for proceeds of sale or mortgage.
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/il/chapter-755/act-5/12-9A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 12-9. Additional bond for proceeds of sale or mortgage.)
(a)Except as provided in subsection (d), at or before the entry of an order authorizing a representative to sell or mortgage real estate or any interest therein or to sell any oil, gas, coal or other mineral interest and before a representative sells or mortgages real estate or any interest therein pursuant to a power in the will or pursuant to subsection
(i)of Section 28-8, the representative shall file a bond and have it approved by the court.
(b)Where written additional bond is required, the bond shall identify the real estate or interest therein being sold or mortgaged.
(c)The bond shall be for an amount not less than double the value of the personal estate likely to come into the hands of the representative as proceeds of the sale or mortgage if individuals act as sureties and not less than 1 1/2 times that value if a surety company acts as surety; but in case of the sale of any oil, gas, coal or other mineral interest upon a royalty basis and not for a lump sum, and except as provided in subsection (d), the bond prescribed in this Section shall be for such an amount as the court directs.
(d)Where bond or security by the representative is excused by the will, the bond of the representative shall be increased without writing by double the value of the personal estate coming from time to time into the hands of the representative from the proceeds of such sale or mortgage, unless the court requires the filing of a written additional bond.