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Administrator CTA Bond (Sub-Suc) - New Jersey
| Administrator CTA Bond (Sub-Suc) Form. This is a New Jersey form and can be used in Probate Surrogate Salem Local County . |
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Docket No.: _______________ SALEM COUNTY SURROGATES OFFICE 92 Market Street Salem, New Jersey 08079 Geneva B. Wood Phone: 856-935-7510 Nicki A. Burke SURROGATE Fax: 856-339-9359 DEPUTY SURROGATE Ext. 8621 Ext. 8322 http://www.njsurrogates.com/county.asp?County=17 IMPORTANT INFORMATION REGARDING BONDS 1. The Surrogate is the Judge of the Surrogates 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. SACTAB.DOC Page 1 of 3 <<<<<<<<<********>>>>>>>>>>>>> 2 Docket No.: ______________ State of New Jersey Salem County Surrogates Court In the matter of the Estate of: ____________________________________________, Deceased } ADMINISTRATOR C.T.A. AKA: ______________________________________ BOND KNOW ALL MEN BY THESE PRESENTS, That we, _____________________ ________________ Administrator/rix C.T.A. of the estate of ______________________________, deceased, (hereinafter referred to as Substitute Administrator C.T.A.) 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 the presentses. Sealed with our seals, a datnd ed _____________________________________. THE CONDITION OF THIS OBLIGATION IS SUCH (N.J.S.A. 3B:15-6) That if the above bounden _________________ Administrator/rix C.T.A. with the Will annexed shall perform every one of the dus tiedescribed in the numbered paragraphs which immediately follow this paragraph, then the above obligation shall be void and of noeffect, or else shall remain in full force and virtue. 1. If required by the Court or if an exemption is to be set as reoff quired in N.J.S.A. 3B:16-1, et seq., to make a true and rfect peinventory of the real and personal property of the decedent, which has or shall come into their hands, possession or oknr inowto ledge the hands of any other person or persons for their use, and to cause an appraisal to be made of the real and personandal pr to file operty the inventory and appraisal in the Office thof e Clerk of the Superior Court or of te Surrogate of hSalem 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 their administratiothn of e estate, and, if required by the Court, to settle their accot thuerein nwithin the time so required; SACTAB.DOC Page 2 of 3 <<<<<<<<<********>>>>>>>>>>>>> 3 Docket No.: __________________ 4. To deliver and pay to the distributees entitled thereto by ltheaw surplus property of the deceased as may remain pursuant to the account; and 5. To comply in all respects withthe Statutes pertaining thereto. The Principal and Surety hereby submit themselves to the jurisdtionic of the Superior Court and do hereby irrevocably appohe int t Clerk of the Superior Court/Surrogate of Salem County as their agent upon whom papers affecting their liability on the b be ond may served. The Principal and Surety waive any right to a jury trial in an action to enforce liability on the bond. Liability oe bonnd m th ay be enforced by motion in the action, if one is pending, without the necessity of any independent action and said motiserveon mda y be upon the Principal and Surety by mailing it, by ordinary mail, to the Clerk of the Superior Court/Surrogate of Salem C namountye,d as above, who shall forthwith mail copies thereof to the Principal, _______________________, at ______________________________ ___________________________________________________________________________________________________________ and the Surety, _________________________________ at ___________________________________________________________ ___________________________________________________________________________________________________________ Signed, Sealed And Delivered In The Presence Of __________________________________________ ________________________________PRINCIPAL Witness Signature Admin_Name APPROVED: ________________________________SURETY __________________________________________ SURROGATE BY: ___________________________________________ ATTORNEY-IN-FACT AFFIX SEAL Attorney of Record: ______________________________________ ______________________________________ ______________________________________ ______________________________________ ______________________________________ SACTAB.DOC Page 3 of 3
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