§ 28A-8-3. Modification of bond requirements. - North Carolina Statutes

§28A‑8‑3.  Modification of bond requirements.

(a)        Increase of Bond orSecurity in Case of Inadequacy or Insufficiency. – The clerk of superior courtmay, on his own motion or upon verified application of any person interested inthe estate, require the personal representative to give a new bond or tofurnish additional security if he finds that the bond filed pursuant to thisArticle, or its security, is insufficient, inadequate in amount, or that any ofthe individual sureties has become or is about to become a nonresident or, inthe case of a corporate surety, has withdrawn or is about to withdraw fromdoing business in this State. Before ordering the personal representative togive a new bond or furnish additional security, the clerk of superior court shallissue a citation requiring the personal representative, within 10 days afterservice thereof, to show cause why such action should not be taken. If theclerk of superior court finds that the bond filed or its security isinsufficient or inadequate, he shall make an order requiring the personalrepresentative to give a new bond or to furnish additional security within areasonable time to be fixed in the order.

(b)        Increase of Bondupon Sale of Real Estate. – When a personal representative makes applicationfor an order to sell real estate, the provisions of G.S. 1‑339.10 shallgovern.

(c)        Reduction of Bond.– On application of the personal representative the penalty of the bond may bereduced from time to time when the clerk of superior court finds that suchreduction is clearly justified, but in no event shall the penalty of the bondbe reduced below the amount required by G.S. 28A‑8‑2(3).

(d)        Substitution ofSecurity. – When a bond is secured by a mortgage or deed of trust on realestate as provided in G.S. 28A‑8‑2(4)c or a deposit of negotiablesecurities as provided in G.S. 28A‑8‑2(4)d, the clerk of superiorcourt may, on application of the personal representative, order that such realestate or negotiable securities,  or a part thereof, be released upon thesubstitution therefor of other security in compliance with G.S. 28A‑8‑2(4)a,(4)c, or (4)d. Such substitution may be allowed in conjunction with any othermodification of bond requirements permitted by this section. (1868‑9,c. 113, s. 89; Code, s. 1518; Rev., s. 32; C.S., s. 43; 1973, c. 1329, s. 3.)