General Requirement of Security for Faithful Performance;

Alteration in Security During Pendency of Administration; Security Not Required of Executor If Waived By Will.

(a)Except as provided in subsections

(c)and

(d)of this Section, every person to whom letters testamentary, letters of administration with the will annexed or letters of administration (hereafter in this Subchapter referred to as Apersonal representative@) are granted shall, before such COL10312014 CH. 20 OATH, FORM OF LETTERS, AND SECURITY FOR FAITHFUL PERFORMANCE OF PERSONAL REPRESENTATIVE letters are issued, provide security for the faithful performance of the trust. The form of the security, the amount thereof, and the terms and conditions thereof, shall be prescribed by the Superior Court at the time the letters are granted to the personal representative.

(b)The Superior Court of Guam may, at any time prior to the discharge of the personal representative, and upon such notice to the personal representative and to all persons interested in the estate as the Superior Court of Guam shall deem adequate, alter the form, amount, terms or conditions of the security provided pursuant to the provisions of subsection

(a)of this Section.

(c)Letters testamentary may be issued to the executor named in a will without his providing security for the faithful performance of his trust as required by subsection

(a)of this Section, if it is clearly ascertainable from such will that it was the testator's intention that no security for faithful performance was to be required of the executor named therein; provided, that if letters testamentary have been so issued the Superior Court of Guam may nevertheless, at any time prior to the discharge of such executor, upon its own motion or upon the petition of any person interested in the estate, for good cause, require such executor to provide security for the faithful performance of his trust as in other cases.

(d)Where it appears that the only assets of an estate consist of nonincome producing real property or real property in the possession of the United States of America, or of any of the military units of the United States of America for military necessity, the Superior Court may, in its discretion, waive security for the faithful performance or the personal representative's trust, as required by subsection

(a)of this Section, until such time as such real property shall yield income or payment is made to the personal representative for such possession, military or otherwise.