A. No bond is required of a personal representative appointed in informal proceedings, except:

(1) upon the appointment of a special administrator;

(2) when a personal representative is appointed to administer an estate under a will containing an express requirement of bond; or

(3) when bond is required under Section 3-605 [45-3-605 NMSA 1978].

B. Bond may be required by court order at the time of appointment of a personal representative appointed in any formal proceeding, except that bond is not required of a personal representative appointed in formal proceedings if the will relieves the personal representative of bond, unless bond has been requested by an interested person in accordance with Section 3-605 and the district court so orders. Bond required by any will may be dispensed with in formal proceedings upon determination by the district court that it is not necessary.

C. No bond is required of any personal representative who, pursuant to statute, is exempt or has deposited cash or collateral with an agency of New Mexico to secure performance of his duties.

History: 1953 Comp., § 32A-3-603, enacted by Laws 1975, ch. 257, § 3-603.

Official comments. — See Commissioners on Uniform State Law official comment to 3-603 UPC.

Compiler's notes. — This section includes within its scope some of the functions of former 31-1-18, 1953 Comp.

Executor without power until bond given. — An executor is without power to act as such until he has given bond required by the statute, unless bond was waived by the testator. Amberson v. Candler, 1913-NMSC-007, 17 N.M. 455, 130 P. 255 (decided under former law).

Suit on bond. — An administrator de bonis non cannot maintain suit on the original administrator's bond for the original administrator's failure to prosecute the decedent's surviving partners. To the administrator de bonis non is committed only the administration of the goods, chattels, and credits of the deceased which have not been administered. Beall v. New Mexico, 83 U.S. 535, 16 Wall. 535, 21 L. Ed. 292 (1873).

Necessity of bond where only asset is cause of action. — Under former law, a bond of the administrator of an estate was required where the only asset was a cause of action in wrongful death. 1975 Op. Att'y Gen. No. 75-29 (opinion rendered under former law).

Law reviews. — For survey, "Article VII of the New Probate Code: In Pursuit of Uniform Trust Administration," see 6 N.M.L. Rev. 213 (1976).

Am. Jur. 2d, A.L.R. and C.J.S. references. — 33 C.J.S. Executors and Administrators § 67.