The Refunding Bond and Release has a dual purpose:
Refunding – To refund to the Executor or Administrator out of his/her share of the estate his ratable part of any unpaid debts, owed by the testator or intestate, if there are no other assets to pay them.
Release - To discharge the Executor/trix or Administrator/trix of an estate of his/her duties upon distribution to the beneficiary of his/her share of the estate.
In an Administration that required a Surety Bond, the Administrator/trix must request a Certificate of Release from the Surrogate at the time he/she files the Refunding Bond and Release. A Surety Bond will not be cancelled by the insurance agent unless the Certificate of Release is presented to the agent.
It is necessary to file the completed Refunding Bond and Release from each beneficiary of the estate with the Surrogate’s Court. The statutory fee for filing is $ 10.00 per bond and $ 5.00 for the Certificate of Release.
The Refunding Bond and Release is a standard legal form that can be found on this WEB Site or at specialty stationery stores. The two most common legal forms are produced by:
Blumberg Excelsior, Inc Form T987
All-State Legal Supply Co. Form 4009S
Your attorney also will provide you with a Refunding Bond and Release upon request or prepare the Refunding Bond and Release for you.