Spec Pro Class 2020

SECTION 1. BONDS OF EXECUTORS AND ADMINISTRATORS

 

      Before an executor or administrator enters upon the execution of his trust, and letters testamentary or of administration issue, he shall give a bond, in such sum as the court directs, conditioned as follows:

(a) To make and return to the court, within three (3) months, a true and complete inventory of all goods, chattels, rights, credits, and estate of the deceased which shall come to his possession or knowledge or to the possession of any other person for him;

(b) To administer according to these rules, and, if an executor, according to the will of the testator, all goods, chattels, rights, credits, and estate which shall at any time come to his possession or to the possession of any other person for him, and from the proceeds to pay and discharge all debts, legacies, and charges on the same, or such dividends thereon as shall be decreed by the court;

(c) To render a true and just account of his administration to the court within one (1) year, and at any other time when required by the court;

(d) To perform all orders of the court by him to be performed.

 

• When Bond is filed: Before an executor or administrator enter upon execution of his trust.
  
  Amount: To be fixed by court
  
  Purpose: It is intended as an indemnity to the creditors, the heirs and the estate. It shall be accountable for any breach of duty that may be done by the administrator or executor.  The liability may be enforced by motion or in a separate civil action.

Conditions of the Bonds:

       1. Make and Return to the court, within 3 months, a true and complete             inventory of the property of the deceased which came to this                       knowledge and possession or to be possession of any other person                for him;
       2. Administer the estate and pay and discharge all debts, legacies and               charges, including dividends declared by the court from the proceeds;

       3. Render a true and just account within 1 year and when required by               the court; and
       4. Perform all orders of the court
 

• When the administrator does their job well and to the satisfaction of the survivors and those who have financial relations with the deceased, the court returns the bond to the administrator

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• Administrator's bond. Statutory bond. Conditions prescribed by statute forms part of bond agreement. 

 

• Terms and effectivity of bond do not depend on payment of premium and does not expire until the administration is closed. As long as the probate court retains jurisdiction of the state, the bond contemplates a continuing liability (Luzon Surety v Quebrar, GR No. L-40517

 

 

SECTION 2. BOND OF EXECUTOR WHERE DIRECTED IN WILL. WHEN FURTHER BOND REQUIRED.

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       If the testator in his will directs that the executor serve without bond, or with only his individual bond, he may be allowed by the court to give bond in such sum and with such surety as the court approves conditioned only to pay the debts of the testator; but the court may require of the executor a further bond in case of a change in his circumstances, or for other sufficient cause, with the condition named in the last preceding section.

 

 

SECTION 3. BONDS OF JOINT EXECUTORS AND ADMINISTRATORS

 

      When two or more persons are appointed executors or administrators the court may take a separate bond from each, or a joint bond from all.

 

 

SECTION 4. BOND OF SPECIAL ADMINISTRATOR

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      A special administrator (as defined Sec 1 Rule 80) before entering upon the duties of his trust shall give a bond, in such sum as the court directs, conditioned that he 1will make and return a true inventory of the goods, chattels, rights, credits, and estate of the deceased which come to his possession or knowledge, and that 2he will truly account for such as are received by him when required by the court, and will 3deliver the same to the person appointed executor or administrator, or to such other person as may be authorized to receive them.

 

Conditions of the Bonds:

          1. Make and Return a true inventory

          2. Render accounting when required by court; and

          3. Deliver the estate to the person appointed executor or                                  administrator or other authorized persons​

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• As long as the probate court retains jurisdiction of the estate, the bond contemplates a continuing liability.