- (a) Instead of giving a surety or sureties on a bond, or to reduce the amount of a bond, a personal representative may deposit the representative's own cash or securities acceptable to the court with a depository described by Subsection (b), if the deposit is otherwise proper.
(b) Cash or securities must be deposited under this section in:
- (1) a depository described by Section 305.154(c); or
- (2) any other corporate depository approved by the court.
- (c) A deposit may be in an amount or value equal to the amount of the bond required or in a lesser amount or value, in which case the amount of the bond is reduced by the amount or value of the deposit.
- (d) The amount of cash or securities on deposit may be increased or decreased, by court order from time to time, as the interest of the estate requires.
- (e) A deposit of cash or securities made instead of a surety or sureties on a bond may be withdrawn or released only on order of a court having jurisdiction.
- (f) A creditor has the same rights against a personal representative and deposits made under this section as are provided for recovery against sureties on a bond.
Added by Acts 2009, 81st Leg., R.S., Ch. 680 (H.B. 2502), Sec. 1, eff. January 1, 2014.