3045Administration bond—requirement for bond

3045 Administration bond—requirement for bond (1) This rule applies if a person applies for grant of letters of administration without the will annexed for the estate of a deceased (2) As a condition of granting administration to the person, the court may require 1 or more sureties acceptable to the court to guarantee by bond (an administration bond) that they will make good, up to the required amount, any loss that anyone interested in the administration of the estate may have because of a breach by the administrator of the administrator’s duties. Note See approved form 3.21 (Administration bond) AF2017-176. (3) However, an administration bond must not be required if administration is granted to— (a) a person on behalf of the Territory, the Commonwealth, a State or another Territory; or (b) the public trustee and guardian of the Territory, a State or another Territory; or (c) a trustee company. Rule 3046 (4) An administration bond for an estate has effect for the benefit of everyone interested in the administration of the estate as if contained in a deed made by the surety or sureties with each interested person and, if there are 2 or more sureties, as if they had bound themselves jointly and severally. (5) On application by the administrator or on its own initiative, the court may decide that the required amount for an administration bond for an estate is less than the value of the estate. required amount, for an administration bond for an estate, means— (a) the value of the estate; or (b) a lesser amount decided by the court under subrule (5); or (c) if the value of the estate is less than $10 000—a lesser amount decided by the registrar.