Security May Be Provided By Bond; Requisites of Bond;

Nature of Liability on Bond; Extent of Bond.

(a)Security for the faithful performance of the personal representative's trust, as required by Section 2011 of this Title, may in the discretion of the Superior Court of Guam be, in whole or in part, in the form of a bond. Unless otherwise ordered by the Superior Court of Guam, such bond shall be executed to the Government of Guam, with two or more natural persons or a surety company as surety, conditioned that the personal representative shall faithfully execute the duties of his trust according to law. Such bond shall be approved by the Superior Court of Guam and filed with the Clerk of the Superior Court of Guam prior to the issue of letters to the personal representative.

(b)The liability of principal and sureties upon the bond of a personal representative is in all cases to pay in the kind of money or currency in which the principal is legally liable. The liability of the personal representative shall not be limited to the penal amount of such bond. The liability of the surety upon such bond shall be limited to its penal amount, except that if the surety fails to satisfy such liability upon demand made after the liability of the principal has become established, the surety shall also be liable for interest at the legal rate from the date of the demand on any judgment obtained against such surety in an action to recover upon such bond, and for costs incurred in obtaining such judgment. Such bond shall not be void upon the first recovery, but may be sued and recovered upon from time to time, by any person aggrieved, in his own name, until the whole penalty is exhausted.