| 1) |
Subject to the provisions of section twenty-five , every person who has not been nominated by will to be an executor shall, before letters of executorship are granted, or signed and sealed, and thereafter as the Master may require, find security to the satisfaction of the Master in an amount determined by the Master for the proper performance of his functions: provided that if such person is a parent, spouse or child of the deceased, he shall not be required to furnish security unless the Master specially directs that he shall do so. |
| 2) |
Subject to the provisions of section twenty-five , every person nominated by will to be an executor and every person to be appointed assumed executor shall be under the like obligation of finding security unless— |
| a) |
he is the parent, child or surviving spouse of the testator or has been assumed by such parent, child or spouse; or |
| b) |
he has been nominated by will executed before the first day of October, 1913, or assumed by the person so nominated, and has not been directed by the will to find security; or |
| c) |
he has been nominated by will executed after the first day of October, 1913, or assumed by the person so nominated, and the Master has in such will been directed to dispense with such security; or |
| d) |
the Court shall otherwise direct: |
Provided that if the estate of any such person has been sequestrated or if he has committed an act of insolvency or is or resides or is about to reside outside the Republic, or is or resides or is about to reside outside the Republic, or if there is any good reason therefor, the Master may, notwithstanding the provisions of paragraph (a), (b) or (c), refuse to grant or to sign and seal letters of executorship or to make any endorsement under section fifteen until he finds such security.
| 3) |
The Master may by notice in writing require any executor (including any executor who would not otherwise be under any obligation of finding security) whose estate or whose surety's estate has been sequestrated, or who or whose surety has committed an act of insolvency, or who is about to go or has gone to reside outside the Republic, to find, within a period specified in the notice, security or additional security, as the case may be, to the satisfaction of the Master in an amount determined by the Master, for the proper performance of his functions. |
| 4) |
The Master shall allow the reasonable costs of finding security to be paid out of the estate. |
| 5) |
If any default is made by an executor in the proper performance of his functions, the Master may enforce the security and recover from such executor or his sureties the loss to the estate. |
Special Investigating Units and Special Tribunals Act, 1996
