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28-48-206. Increase or reduction in amount — Dispensing with bond.
Arkansas Code — all titles (historical 2020) · legal_authorities
28-48-206. Increase or reduction in amount — Dispensing with bond.
(a) The court may at any time increase or decrease the amount of the bond required of a personal representative when good cause appears.
(b) At its discretion and subject to subsequent revocation, the court may dispense with the requirement of a bond when, by the terms of the will, the testator directed or requested that no bond be required of the personal representative.
(c)(1) Except with respect to a nonresident administrator, the court, at its discretion and subject to subsequent revocation, may reduce the amount of bond which would otherwise be required or dispense with the requirement of a bond:
(A) If the personal representative is a bank or a trust company whose deposits are insured by the Federal Deposit Insurance Corporation or a trust company chartered and regulated by an appropriate state authority; or
(B) When all distributees are competent and have filed their written waiver of the requirement of bond, and the petition shall recite that there are no known unsecured claims.
(2) However, if any person asserting a claim against the estate or having or claiming any interest in the estate files a written demand, the personal representative shall give bond as required in § 28-48-201 or in such other amount as the court shall direct after considering the amount of the alleged claim or asserted interest, but, if it is shown to the court that the alleged claim is invalid or has been paid or that the person alleging the interest in the estate has, in fact, no interest therein, then bond shall not be required.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 28-48-206
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:28-48-206
Source file: gov.ar.code.title.28.odt
Pages: Not recorded – Not recorded
Passage SHA-256: da2481a29015dc6febd35b0549c04fce03b55fd5e86b80be9b19dfb8032ffce3
Source location: content.xml paragraph 5516
Stored source content
28-48-206. Increase or reduction in amount — Dispensing with bond.
(a) The court may at any time increase or decrease the amount of the bond required of a personal representative when good cause appears.
(b) At its discretion and subject to subsequent revocation, the court may dispense with the requirement of a bond when, by the terms of the will, the testator directed or requested that no bond be required of the personal representative.
(c)(1) Except with respect to a nonresident administrator, the court, at its discretion and subject to subsequent revocation, may reduce the amount of bond which would otherwise be required or dispense with the requirement of a bond:
(A) If the personal representative is a bank or a trust company whose deposits are insured by the Federal Deposit Insurance Corporation or a trust company chartered and regulated by an appropriate state authority; or
(B) When all distributees are competent and have filed their written waiver of the requirement of bond, and the petition shall recite that there are no known unsecured claims.
(2) However, if any person asserting a claim against the estate or having or claiming any interest in the estate files a written demand, the personal representative shall give bond as required in § 28-48-201 or in such other amount as the court shall direct after considering the amount of the alleged claim or asserted interest, but, if it is shown to the court that the alleged claim is invalid or has been paid or that the person alleging the interest in the estate has, in fact, no interest therein, then bond shall not be required.
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Arkansas Code — all titles (historical 2020) · legal_authorities
28-48-201. Bond required.
(a) Prior to the issuance of letters and except as provided in § 28-48-206, the court or the clerk, subject to approval or rejection by the court, shall take a bond from the personal representative with two (2) or more sufficient sureties who are residents of this state, or a corporate surety authorized to do business in this state, for the benefit of the interested parties. The bond shall be in an amount fixed by the court not less than double the amount or, if the surety is corporate, then not less than the amount, of the estimated value of the property which may reasonably be expected to pass through the hands of the personal representative.
(b) When two (2) or more persons are appointed personal representatives of the same estate and are required by the provisions of the Probate Code to give a bond, the court may require either a separate bond from each or one (1) bond from all of them.
(c) No personal representative shall be deemed a surety for another personal representative unless the terms of the bond so provide.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 28-48-201
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 28-48-201. This identifies an authority to review, not proof of applicability.