Administration Bond - Definition - Law Dictionary Home Dictionary Definition administration-bond

Definition :

Administration bond. The bond, usually for double the value of the property placed in possession of the administrator of the grant required under s. 167(1) of the (English) Jud. Act, 1925, as amended by the (English) Administration of Justice Act, 1928, Schedule 7, from every person to whom a grant of administration of a deceased person's estate has been made. As a rule, two sureties are also required. The conditions of the Bond are (1) to make and exhibit an inventory; (2) to administer according to law; (3) to exhibit any later will if found, and then deliver up the letters of administration. See (English) Jud. Act, 1925, and Probate Rules, 1925; and see ADMINISTRATION.