Trustees Bond (Intervivos Trust) Form. This is a New Jersey form and can be use in Salem Local County.
Tags: Trustees Bond (Intervivos Trust), 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 beneficiaries of the trust. 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 trust is closed. Those annual bills will come directly from the bonding agent. 6. If the value of the trust 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 trust is closed they will continue the bond and they will bill you each year for another premium. IVTB.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 Inter Vivos Trust: _______________________________________________, Grantor(s) Inter Vivos Trust Dated: _________________________ } TRUSTEE’S BOND INTER VIVOS TRUST KNOW ALL MEN BY THESE PRESENTS, that I (We) ___________________________________________, Trustee(s) named in the Trust Agreement/Instrument of the above- named Grantor(s) (hereinafter referred to as Principal) and _____________________________, a corporation of the State of _________________________ as Surety are he ld and firmly bound unto the Superior Court of the State of New Jersey in the sum of ________________________________________________________________________, lawful money of the United States of America, 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, that if the above-bounden Trustee(s) 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. To execute the Trust Agreement/Instrument of the above named Grantor(s) 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 trust, 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 property of the Agreement/Instrument as may remain pursuant to the account; and 5. To comply in all respects with the Statutes pertaining thereto. IVTB.DOC Page 2 of 4 American LegalNet, Inc. www.FormsWorkflow.com 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 as their agent upon whom papers affecting their liability on the 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 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 sha ll forthwith, in accordance with R1:13-3 (b), mail copies thereof to: Principal at: _________________________________________________________________________________________ Surety at: _________________________________________________________________________________________ Signed, sealed and delivered in the presence of: ___________________________________________ ___________________________________________ Witness as to Principal TrusteeNew_Name (Seal) ___________________________________________ Surety Signature The within bond is hereby approved as to form and sufficiency. Dated: ____________________________________ ___________________________________________ J.S.C. or Surrogate Signature IVTB.DOC Page 3 of 4 American LegalNet, Inc. www.FormsWorkflow.com Docket No.: Docket_Number SALEM COUNTY SURROGATE’S COURT In the matter of the Inter Vivos Trust: _____________________________________________________, Grantor(s) Inter Vivos Trust Dated: _______________________________ 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 bond ing company is my 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: ______/______/______ IVTB.DOC Page 4 of 4 American LegalNet, Inc. www.FormsWorkflow.com