Administrators Bond Form. This is a New Jersey form and can be use in Salem Local County.
Tags: Administrators Bond, New Jersey Local County, Salem
Docket No______________ SALEM COUNTY SURROGATE’S OFFICE 92 Market Street Salem, New Jersey 08079 Nicki A. Burke Phone: 856-935-7510 Fax: 856-339-9359 SURROGATE Ext. 8621 Donna M. Rosenstock DEPUTY SURROGATE Ext. 8322 http://www.njsurrogates.com/county.asp?County=17 IMPORTANT INFORMATION REGARDING BONDS 1. The Surrogate is the Judge of the Surrogate's Court. In that capacity they have appointed you as a fiduciary. Pursuant to New Jersey statutes, the order of appointment includes a requirement that you post bond. NJS 3B: 15-1. The purpose of the bond is to protect the heirs and creditors of the estate. 2. A surety bond is not insurance. You are responsible for any losses which cause the surety to make payment on your behalf. The Indemnity Agreement is your promise to repay the surety. 3. You are free to purchase this bond from any qualified source. 4. The law establishes minimum terms and conditions for indemnity and collection, which must be in each bond. The other terms, such as premium and duratio n are between you and the bonding company. 5. The initial premium is due when the bond application is completed. Annual premiums are due each year until the estate is closed. Those annual bills will come directly from the bonding agent. 6. If the value of the estate is reduced, you can have the bond reduced. Since the premium is determined by the amount of the bond, reducing the bond will result in a savings in most cases. 7. Please remember that the bond does not terminate at the end of the first year. If you do not notify the bonding company that the estate is closed they will continue the bond and they will bill you each year for another premium. AB.DOC Page 1 of 4 American LegalNet, Inc. www.FormsWorkflow.com Docket No.: ______________ State of New Jersey Salem County Surrogate’s Court In the matter of the Estate of: ______________________________________________, Deceased AKA: ________________________________________ } ADMINISTRATOR’S BOND KNOW ALL MEN BY THESE PRESENTS, That we, ____________________________________ Administrator/rix of the estate of ____________________________________________________, deceased, (hereinafter referred to as Administrator/rix) as Principal, and _____________________________________, a corporation of the State of _________________________ as Surety, are held and firmly bound unto the Superior Court of New Jersey in the sum of ______________________________________________________ lawful money of the United States, to be paid to the said Superior Court, its successors or assigns, to which payment well and truly to be made, we bind ourselves, our heirs, executors, administrators, successors and assigns, jointly and severally, firmly by these presents. Sealed with our seals, and dated ________________________________. THE CONDITION OF THIS OBLIGATION IS SUCH (N.J.S.A. 3B:15-5) That if the above bounden Administrator/rix shall perform every one of the duties described in the numbered paragraphs which immediately follow this paragraph, then the above obligation shall be void and of no effect, or else shall remain in full force and virtue. 1. If required by the Court or if an exemption is to be set off as required in N.J.S.A. 3B:16-1, et seq.., to make a true and perfect inventory of the real and personal property of the decedent, which has or shall come into his/her hands, possession or knowledge or into the hands of any other person for him/her, and to cause an appraisal to be made of the real and personal property and to file the inventory and appraisal in the Office of the Clerk of the Superior Court or of the Surrogate of Salem County, as the ease may be, within the time so required; 2. To faithfully discharge all of the duties imposed upon them according to law; 3. To make a just and true account of his/her administration of the estate, and, if required by the Court, to settle their account therein within the time so required; 4. To deliver and pay to the distributees entitled thereto by law the surplus property of the deceased as may remain pursuant to the account; and AB.DOC Page 2 of 4 American LegalNet, Inc. www.FormsWorkflow.com Docket No.: _______________ 5. To deliver their Letters of Administration to the proper court when required so to do, if a Will of the deceased is found and exhibited to it and by it admitted to probate. 6. To comply in all respects with the Statutes pertaining thereto. The Principal and surety hereby submit themselves to the jurisdiction of the Superior Court and do hereby irrevocably appoint the Clerk of the Superior Court/ Surrogate of Su 1rrogate_County County as their agent upon whom any papers affecting their liability on this bond may be served. The Principal and Surety waive any right to a jury trial in an action to enforce liability on the bond. Liability on the bond may be enforced by motion in the action, if one is pending, without the necessity of any independent action and the said motion may be served upon the Principal and Surety by mailing it, by ordinary mail, to the Clerk of the Superior Court/ Surrogate Salem County, as named above, who shall forthwith mail copies thereof to The Principal at: ___________________________________________________________________________________________________________ And the Surety at: ___________________________________________________________________________________________________________ Signed, Sealed and Delivered in the Presence of: ___________________________________________ Witness as to Principal Signature (Seal) __________________________________PRINCIPAL Signature __________________________________SURETY The within bond is hereby approved as to form and sufficiency. Dated: ______________________ ___________________________________________ J.S.C. or Surrogate Attorney of Record: ____________________________ ____________________________ ____________________________ ____________________________ AB.DOC Page 3 of 4 American LegalNet, Inc. www.FormsWorkflow.com Docket No.: _______________ SALEM COUNTY SURROGATE’S COURT IN THE MATTER OF: _____________________________, Deceased Acknowledgement I/We, _____________________________________________, acknowledge that I/We have received a copy of “Important Information Regarding Bonds”. I/We understand that the Surrogate requires a bond but that selection of the bonding company is my/our option. I/We further understand that the price, terms and conditions are a private contractual matter between me/us and the bonding company and that the Surrogate is not a party to that contract. ________________________________________________________ Date: ___________________________________________________ AB.DOC Page 4 of 4 American LegalNet, Inc. www.FormsWorkflow.com