Any person apparently having an interest in the estate worth in excess of seven thousand five hundred dollars ($7,500), or any creditor having a claim in excess of seven thousand five hundred [dollars] ($7,500), may make a written demand that a personal representative give bond. The demand must be filed with the court and a copy mailed to the personal representative, if appointment and qualification have occurred. Thereafter, the personal representative shall post bond or petition the district court to determine the bond requirement. If bond is required, the requirement ceases if the person demanding bond ceases to be interested in the estate, or if bond is excused as provided in Sections 3-603 [45-3-603 NMSA 1978] or 3-604 [45-3-604 NMSA 1978]. After he has received notice and until the filing of the bond or cessation of the requirement of bond, the personal representative shall refrain from exercising any powers of his office except as necessary to preserve the estate. Failure of the personal representative to meet a bond requirement within thirty days is cause for his removal.
History: 1953 Comp., § 32A-3-605, enacted by Laws 1975, ch. 257, § 3-605.
Official comments. — See Commissioners on Uniform State Law official comment to 3-605 UPC.
Bracketed material. — The bracketed was inserted by the compiler and is not part of the law.
Am. Jur. 2d, A.L.R. and C.J.S. references. — Leave of court as prerequisite to action on bond, 2 A.L.R. 563.
When statute of limitations begins to run against action on bond of personal representative, 44 A.L.R.2d 807.
33 C.J.S. Executors and Administrators § 67.
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