§ 53-9-4 - (Pre-1998 Probate Code) Distribution of assets; security required of distributees; procedure when security not given - Georgia Statutes

O.C.G.A. 53-9-4 (2010)
53-9-4. (Pre-1998 Probate Code) Distribution of assets; security required of distributees; procedure when security not given

Before any administrator or executor appointed under Code Section 53-9-3 shall distribute any of the assets of the estate to the persons entitled to receive it were the supposed decedent known to be dead, the persons shall give security, to be approved by the judge of the probate court, in such sum as the judge shall direct, but in no case less than the estimated value of the money or property distributed, conditioned that, if the supposed decedent shall, in fact, be at the time alive, they will, respectively, refund the amounts or return the property received by each, on demand, with interest thereon. If the person entitled to receive the same is unable to give the security, the money shall be invested in any investment which is a legal investment for trust funds, which interest shall be paid annually to the person entitled to it, and the money shall so remain at interest until the security is given or until the judge, on application, orders it to be paid to the person entitled to it.