91-7-205 - Bond required in decree for sale of lands; waiver of bond. - Mississippi Statutes

§ 91-7-205. Bond required in decree for sale of lands; waiver of bond.
 

Whenever an executor or administrator sells land pursuant to a decree of the court or chancellor in vacation, said executor or administrator shall execute bond with sufficient sureties in an amount equal to the proceeds of the sale of the land. Said bond shall be executed any time before confirmation of sale, either by the court or chancellor in vacation, and may be approved by the court, chancellor in vacation, or the clerk of the chancery court. Such bond shall be payable to the state and shall be conditioned for the faithful application of the proceeds of the sale. When, however, decree ordering the sale of land shall fix an amount or estimated amount to be paid in cash before confirmation, the executor or administrator shall, before sale, execute bond with sufficient sureties to cover such amount or estimated amount to be paid in cash, conditioned for the faithful application of the same which bond may be approved by the court, the chancellor in vacation, or the clerk of the chancery court. 
 

After the expiration of the time in which all claims against the estate of deceased persons must be registered, probated and allowed as provided in Section 91-7-151, Mississippi Code of 1972, the chancellor may waive all or any part of the bond when all the beneficiaries to the proceeds of the sale petition the court to authorize the sale and waive the necessity of a bond. 
 

Sources: Codes, 1880, § 2045; 1892, § 1905; 1906, § 2080; Hemingway's 1917, § 1747; 1930, § 1698; 1942, § 595; Laws,  1914, ch. 210; Laws, 1975, ch. 405, eff from and after passage (approved March 24, 1975).