New Jersey Statutes 3B:23-26. Condition of devisee’s bond
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Terms Used In New Jersey Statutes 3B:23-26
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Devise: To gift property by will.
- Devise: when used as a noun, means a testamentary disposition of real or personal property and when used as a verb, means to dispose of real or personal property by will. See New Jersey Statutes 3B:1-1
- Devisee: means any person designated in a will to receive a devise. See New Jersey Statutes 3B:1-1
The bond of a devisee shall be conditioned substantially as follows: That if any part or the whole of the devise shall at any time thereafter be needed to discharge any debt or debts, devise or devises, which the personal representative may not have other assets to pay, he, the devisee, will return his devise or that part thereof as may be necessary for the payment of the debts, or for the payment of a proportional part of the devises.
L.1981, c. 405, s. 3B:23-26, eff. May 1, 1982.