Can a surety bond be refunded or prorated if the estate admin attained it for only a few weeks and is no longer the estate admin

Asked over 1 year ago - Royalton, IL

I am the Successor Administrator of my Great-Aunts estate. I am also one of the four beneficiaries. The previous Admin purchased a $16,000 surety bond in the state of Illinois with the estate's checking account on 4-19-13. She then resigned on 5-15-13. I am from California and the surety bond company could not place me on that bond due to my out of state residency. The bond company will not refund or prorate the purchased bond. Is there something else I can do to get some kind of reimbursement?

Attorney answers (3)

  1. Paul A. Smolinski

    Pro

    Contributor Level 17

    5

    Lawyers agree

    1

    Answered . Probably not. Normally the premium for the first year of a bond is not proratable. Second and subsequent years are different; however, that is not your situation.

    Sorry, but fortunately the premium likely isn't all that large, relatively speaking.

    Best wishes!

    Legal Disclaimer: Paul A. Smolinski is licensed to practice law in the State of Illinois only, and as such, his... more
  2. Judy A. Goldstein

    Contributor Level 20

    4

    Lawyers agree

    1

    Answered . It is unlikely you will be able to get a refund of the one year surety bond. However, since you are out of state, ask the estate attorney or the estate if you can secure an instate agent for you. I seem to recall doing that a number of years ago but cannot recall the client or locate my file.

  3. Celia R Reed

    Contributor Level 20

    Answered . I agree with my colleagues. Unfortunately the bond is not refundable.

    Please note that I am answering this question as a service through Avvo but not as your attorney and no attorney-... more

Can't find what you're looking for? Ask a Lawyer

Get free answers from experienced attorneys.

 

Ask now

22,109 answers this week

2,887 attorneys answering

Ask a Lawyer

Get answers from top-rated lawyers.

  • It's FREE
  • It's easy
  • It's anonymous

22,109 answers this week

2,887 attorneys answering