1. Before letters may be issued to a personal representative, the
personal representative must take and subscribe an oath or affirmation,
before a person authorized to administer oaths, that the personal
representative will perform according to law the duties of a personal
representative. The oath must be filed by the clerk.
2. The oath of a corporation appointed as a personal
representative may be taken and subscribed by an authorized
representative upon its behalf.
[67:107:1941; 1931 NCL § 9882.67]—(NRS A 1975, 1769; 1985, 1213;
1999, 2284 )
1. The requirement of a bond of a personal representative is
discretionary with the court. Whether a bond is expressly required by the
will or not, the court may:
(a) Require a bond if it determines a bond is desirable; or
(b) Dispense with the requirement of a bond if it determines a bond
is unnecessary.
2. The bond must be conditioned so that the personal
representative will faithfully execute the duties of the office according
to law, and the bond must be filed by the clerk.
3. Personal assets of an estate may be deposited with a domestic
credit union or other domestic financial institution upon such terms as
may be prescribed by order of the court having jurisdiction of the
estate. The deposit is subject to the further order of the court. The
bond of the personal representative may be reduced accordingly. The
personal representative shall file with the clerk the acknowledgment of
an authorized representative of the financial institution that holds the
assets deposited, which may be in the following form:
PROOF OF BLOCKED ACCOUNT
The undersigned affirms that
..........................................., as personal representative
of the estate of ............................., deceased, has established
an account, number ........., entitled “...........,” in the amount of
$............
The undersigned acknowledges that this account bears a
blocked/frozen designation, and that no money may be removed without
first presenting an order from the court authorizing the withdrawal.
Dated on ....................................... (date).
By: ................................................
Title: .............................................
4. During the pendency of the administration, any person,
including a creditor, having an interest in an estate whose value exceeds
$10,000 may file a petition requesting that the personal representative
submit additional bond. Upon the filing of the petition, the clerk shall
set it for hearing, and the petitioner shall give notice for the period
and in the manner provided in NRS 155.010 . Upon hearing the petition, the court may
require the personal representative to file additional bond in the amount
of the claim of the petitioner, unless it determines that bond should be
dispensed with or set in a different amount.
5. The amount of the bond is the estimated value of all personal
property plus income for 1 year from both real and personal property,
unless the amount of the bond is expressly mentioned in the will, changed
by the court or required pursuant to subsection 4.
6. If a banking corporation, as defined in NRS 657.016 , or trust company, as defined in NRS 669.070 , doing business in this State is appointed the personal
representative of the estate of a decedent, no bond is required unless
otherwise specifically required by the court.
[68:107:1941; 1931 NCL § 9882.68]—(NRS A 1959, 500; 1969, 1189;
1971, 1009; 1973, 385; 1983, 199; 1999, 1457 , 2285 ; 2001, 91 )
The
bond is not void upon the first recovery, but may be sued upon from time
to time by any person aggrieved in that person’s own name until the whole
penalty is exhausted.
[69:107:1941; 1931 NCL § 9882.69]—(NRS A 1999, 2286 )
If a
personal representative is required by a court pursuant to the provisions
of this chapter to provide security in the form of cash or a bond,
stipulation or other undertaking with one or more sureties, each surety
for that security submits to the jurisdiction of the court which ordered
the security, and irrevocably appoints the clerk of that court as the
agent upon whom any papers affecting the surety’s liability on the
security may be served. The liability of the surety may be enforced on
petition without the necessity of an independent action. The petition and
such notice of the hearing upon the petition as the court prescribes may
be served on the clerk of the court, who shall mail copies to the surety
at the surety’s last known address.
(Added to NRS by 1995, 19; A 1999, 2286 )
If a bond
is required under this chapter, the sureties must justify on oath before
the court or clerk or before a notary public, or a justice of the peace
of the county, to the effect that they are householders, or freeholders,
within this State, and worth the amount for which they become surety,
over and above all just debts and liabilities, exclusive of property
exempt from execution. The justification must be signed by the sureties
and certified by the person taking the justification, and endorsed on or
attached to and filed with the bond.
[70:107:1941; 1931 NCL § 9882.70]—(NRS A 1985, 1214; 1999, 2286
)
1. Before a court approves any bond required under this chapter,
it may, on its own motion, or at any time after the approval of a bond
upon petition of an interested person, supported by affidavit that any
one or all of the sureties is or are not worth as much as justified to,
order a citation to issue, requiring the surety or sureties to appear
before the court at a particular time and place to testify relating to
the property and its value. The court shall, at the time the citation is
issued, cause a notice or subpoena to issue to the personal
representative requiring his appearance at the return of the citation.
2. Upon the return of the citation, the court shall question the
surety and such witnesses as may be produced concerning the property of
the surety or sureties and its value. If, upon such investigation, the
court is satisfied that the bond is insufficient, it may require
sufficient additional security within such time as it may set.
[71:107:1941; 1931 NCL § 9882.71]—(NRS A 1999, 2287 )
If sufficient
security is not given within the time fixed by the court’s order, or such
further time as the court may allow, the right of the personal
representative to administer the estate ceases and the person next
entitled to the administration of the estate, who will post a sufficient
bond, must be appointed to the administration.
[72:107:1941; 1931 NCL § 9882.72]—(NRS A 1999, 2287 )
If
it is expressly provided in the will of a decedent that no bond may be
required of the personal representative, letters may issue without any
bond being given, but a personal representative to whom letters have been
issued without bond may, at any time afterward, if it is shown for any
cause to be necessary or proper, be required to provide and file a bond
as in other cases.
[73:107:1941; 1931 NCL § 9882.73]—(NRS A 1999, 2287 )
1. If an interested person discovers that the sureties of a
personal representative have become or are becoming insolvent, or that
any one of them has removed from, or is about to remove from the State,
or that from any other cause the bond is insufficient, the interested
person may file a petition with the court requesting that further
security be given.
2. If it comes to the knowledge of the court that the bond is for
any cause insufficient, it may, on its own motion, without any petition,
require further security.
3. A personal representative or his counsel, if either becomes
aware of facts causing a need therefor, shall petition the court for an
order ex parte increasing a bond to the total appraised value of personal
property on hand plus 1 year’s estimated income from real and personal
property. In an accounting, if a bond has been posted, a separate
paragraph must be included describing the total bond posted, the
appraised value of personal property on hand plus the estimated annual
income from real and personal property and a statement of any additional
bond thereby required.
[74:107:1941; 1931 NCL § 9882.74]—(NRS A 1999, 2287 )
1. If the court is satisfied from a petition for additional bond
or otherwise believes that the matter requires investigation, a citation
must be issued to the personal representative requiring the personal
representative to appear before the court at a designated time and place,
to show cause why the personal representative should not give further
security. The citation must be served on the personal representative
pursuant to NRS 155.050 .
2. On the return of the citation or at such other time as the
court may appoint, it shall proceed to hear the matter, and if it
satisfactorily appears that the security, from any cause, is
insufficient, it shall enter an order requiring the personal
representative to give further security, or to file a new bond in the
usual form, within a reasonable time, not less than 5 nor more than 30
days.
[75:107:1941; 1931 NCL § 9882.75]—(NRS A 1999, 2288 )
If sufficient
security or additional security is not given within the time fixed by the
court’s order, the right of the personal representative to administer the
estate ceases, and the person next entitled to administer the estate, who
will post a sufficient bond, must be appointed. If letters have already
been issued to the personal representative, the letters must be revoked
and the authority of the personal representative thereupon ceases. The
person next entitled to administer the estate, who will post a proper
bond, must be appointed, upon giving the notice required by NRS 155.010
.
[76:107:1941; 1931 NCL § 9882.76]—(NRS A 1999, 2288 )
1. If a petition is presented requesting that a personal
representative be required to give further security, and if it is also
alleged on oath or affirmation that the personal representative is
wasting the property of the estate, the court may, by order, suspend the
powers of the personal representative until the matter can be heard and
determined.
2. If an order of suspension is entered, the personal
representative is restrained as provided in NRS 141.095 . After the suspension, the personal
representative must be cited to show cause and the matter must be heard
and determined pursuant to NRS 141.130 .
[77:107:1941; 1931 NCL § 9882.77]—(NRS A 1999, 2288 )
If a surety of a personal representative desires to be
released from responsibility on account of future acts, the surety may
petition the court for relief. The court shall cite the personal
representative to appear at a designated time and place and give other
security. If the personal representative cannot be found after due
diligence and inquiry, the citation may be served by leaving a copy of it
at the residence of the personal representative, or by serving the
attorney of the personal representative, or by such publication as the
court orders pursuant to the provisions of NRS 143.190 .
[79:107:1941; 1931 NCL § 9882.79]—(NRS A 1999, 2289 )
If the
personal representative neglects or refuses to give new sureties, to the
satisfaction of the court, on the return of the citation, the court being
satisfied the citation has been served, or within such reasonable time as
the court allows, not exceeding 5 days unless the surety petitioning
consents to a longer extension of time, the court shall revoke the
letters granted.
[81:107:1941; 1931 NCL § 9882.81]—(NRS A 1999, 2289 )
If new sureties are given to
the satisfaction of the court, it shall thereupon enter an order that the
surety who applied for relief is not liable for any subsequent act,
default or misconduct of the personal representative.
[80:107:1941; 1931 NCL § 9882.80]—(NRS A 1999, 2289 )
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