§ 20–502. Bond; form.

(a) When required. — Unless excused from giving bond by the decedent’s will or written waiver of all interested persons, each personal representative shall execute a bond to the District of Columbia for the benefit of interested persons and creditors with a surety or sureties approved by the Court. Whenever a personal representative is excused from giving a bond by the decedent’s will, or by the written waiver of 1 or more interested persons, no bond shall be given (except as provided below). In the absence of a waiver by the testator, the interest of any interested person who does not waive bond shall be protected but no waiver of bond shall be permitted on behalf of a person who is not a competent adult except as provided in section 20-101(d)(2)(C).

(a-1) Demand for bond. — Any person having an interest in the estate worth in excess of $1,000, or any creditor having a claim in excess of $1,000, may make a written demand that a personal representative give bond in an amount not exceeding the value of the person’s or creditor’s interest in the estate. The demand must be filed with the Register and a copy mailed to the personal representative, if appointment and qualification have occurred. Upon a request for bond, the Court may set a hearing to determine if bond is required.

(b) When not required. —

(1) Notwithstanding the provisions of subsection (a), no bond shall be required of banks and trust companies authorized under District of Columbia laws to act as personal representatives and national banks, except as otherwise provided by law or Court Rule.

(2) No bond shall be required for any period following the distribution of all known assets and satisfaction of all known claims.

(c) Surety. — The surety on any bond required by subsection (a) may be any corporation authorized to act as a surety in the District of Columbia. All sureties and the personal representative shall be jointly and severally liable on the bond, unless otherwise ordered by the Court.

(d) Penalty. —

(1) The penalty sum of any bond required by subsection (a) shall be fixed by the Court in an amount not exceeding the probable maximum value of the personal and D.C. real property of the estate at any time during administration.

(2) Repealed.

(3) The Court may permit the penalty sum of the bond to be reduced by the amount of cash belonging to the estate that is deposited with a bank, trust company, savings and loan association, building association, building and loan association, or federal savings and loan association approved by the Court in an account expressly made subject to withdrawal only in a manner that is approved by the Court.

(3A) The Court may permit the penalty sum of the bond to be reduced by the value of any real or personal property which, at the request of the personal representative or pursuant to Court Order upon good cause shown, cannot be sold or distributed without prior Court authorization.

(4) The penalty sum may be increased or decreased by the Court at its discretion for good cause at any time during administration.

(e) Filing; certified copy. — Every bond executed by a personal representative shall be filed in the office of the Register. Any person may obtain from the Register a certified copy of such bond.

(f) Premium payable out of estate. — Bond premiums shall be chargeable against the property of the estate.

(g) Form of bond. — A bond shall be in the form prescribed by the Rules.