3B:15-10 - When fiduciary required to account and give separate security to surety - New Jersey Statutes

3B:15-10.  When fiduciary required to account and give separate security to  surety    When the surety on the bond of a fiduciary discovers that the fiduciary is wasting or mismanaging the estate, so that the surety may become liable to loss  or damage, the court may, in an action by the surety, and upon sufficient  reason therefor, require the fiduciary to render an account of the performance  of his office to the surety.  If it shall appear that the fiduciary has  embezzled, wasted, misapplied, mismanaged or insufficiently secured the estate,  the court shall direct the fiduciary to give separate security to the surety  for the true payment of the balance in his hands to be paid according to the  trust.

     L.1981, c. 405, s. 3B:15-10, eff. May 1, 1982.