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Executors Bond Form. This is a New Jersey form and can be use in Salem Local County.
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Tags: Executors 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 duration 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.
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Docket No.: _____________
State of New Jersey
Salem County Surrogate’s Court
In the matter of the Estate of:
_______________________________________________________, Deceased
}
AKA: _________________________________________________
EXECUTOR’S
BOND
KNOW ALL MEN BY THESE PRESENTS, that we _________________________, Executor/rix of the Estate of _______________,
deceased (hereinafter referred to as Executor/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 and 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: 15-6)
That if the above bounden Executor/rix of the Last Will and Testament 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 their hands, possession or
knowledge or into the hands of any other person or persons for their use, 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 case 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 their 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 distributes entitled thereto by law the surplus property of the decedent as may remain pursuant to
the account; and
5.
To comply in all respects with the Statutes pertaining thereto
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Docket No.: _______________
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 Salem 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 of 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:
____________________________
____________________________
____________________________
____________________________
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Docket No.: _______________
SALEM COUNTY SURROGATE’S COURT
IN THE MATTER OF: ___________________________________, Deceased
Acknowledgement
I, ______________________________________________________________________, acknowledge that I have received a copy of
“Important Information Regarding Bonds”.
I understand that the Surrogate requires a bond but that selection of the bonding company is my option. I further understand that the
price, terms and conditions are a private contractual matter between me and the bonding company and that the Surrogate is not a party
to that contract.
________________________________________________________
Date: ___________________________________________________
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