O.C.G.A.

O.C.G.A. § 53-7-66 (2019)

Refunding bonds

✓ O.C.G.A. — 2019 edition (Public.Resource.Org Release 73)

Code text and O.C.G.A. statutory annotations on this page reflect the 2019 Official Code of Georgia Annotated (Public.Resource.Org Release 73, 2019-08-21; public domain per Georgia v. Public.Resource.Org, 2020). The Syfert case-law annotations in Notes of Decisions, below, are current.

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When litigation against the estate is pending or is threatened or when notice of a claim has been given to the personal representative, the personal representative may demand that the heirs or beneficiaries give refunding bonds to indemnify the personal representative against the claims. Upon the failure of the heirs or beneficiaries to give such bonds, the personal representative may reserve enough of the assets to respond to the claims.

History

Code 1981, § 53-7-66, enacted by Ga. L. 1996, p. 504, § 10.

Annotations

COMMENT This section carries forward former OCGA Sec. 53-7-168, without the last sentence of that former Code section, which prohibited an executor or administrator from demanding a refunding bond from a distributee or legatee when no threatened action rendered the bond necessary. RESEARCH REFERENCES Am. Jur. 2d. - 31 Am. Jur. 2d, Executors and Administrators, §§ 915, 917, 919, 983.

C.J.S. - 34 C.J.S., Executors and Administrators, § 608.

PART 2 ANNUAL RETURNS AND INTERMEDIATE REPORTS