Security Bond for grant of Succession Certificate

What is Security Bond for grant of Succession Certificate?

A succession certificate, under the Indian Succession Act, is a document that gives authority to the person who obtains it, to represent the deceased for the purpose of collecting debts and securities due to him or payable in his name. The bond is created as a security when a person is granted a succession certificate by district judge.

Why is Security Bond for grant of Succession Certificate required?

A security bond for grant of succession certificate acts as a proof as to which person or persons are the rightful successors of a particular property. The Judge may, on application made by person and on cause shown to his satisfaction, and upon such terms as to security, or providing that the money received be paid into Court, or otherwise, assign the bond or other security to some proper person, and that person shall thereupon be entitled to sue thereon in his own name as if it had been originally given to him instead of to the Judge of the Court, and to recover, as trustee for all persons interested, such amount as may be recoverable thereunder.

What should a Security Bond for grant of Succession Certificate cover?

A security bond for grant of succession certificate must contain the following:

1. Name of the surety and the obligor.

2. Address surety and the obligor.

3. The amount being submitted to the court or given to other successors.

4. The details of the District Court granting the bond.

5. Condition of payment or the required obligation to be fulfilled by surety in case the obligor fails to do so.

Format for Security Bond for grant of Succession Certificate

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Draft of Security Bond for Grant of Succession Certificate (Section 375, Indian Succession Act, 1925)





Know All Men that we,JN, s/o Late GP r/o ………………… and Mr NK, s/o …………………… r/o …………………… (Surety for Mr JN) bind ourselves jointly and severally to Shri JP, Distt. Judge, ……………………. for payment to him or his successor in office of the sum of Rs……………

We have signed this bond on this………day of…………at ………………….

Signature………………….

Administration

Signature………………….

Surety

WHEREAS, the Court of the said District Judge, Mr. JP, has passed the order on the day of………and has granted the succession certificates in favour of the said Mr. JN to the estate of Late JN deceased on the condition that said Mr. JN execute a bond with one surety of Rs………..

AND WHEREAS,the said Mr. JN has agreed to execute the bond for the said Rs………..and the said Mr. NK has agreed to enter into the above bond as surety for said Mr. JN.

NOW, This Bond Witnesses As Under:

NOW, the condition of the above bond is as under:

1.     That the said Mr. JN shall prepare an inventory of the property of the deceased within six months form the date of the execution of the bond.

2.     That the accounts of the debtor and creditor shall also be prepared by the said Mr. JN.

3.     That the said Mr. JN shall indemnify the person who may be entitled to the whole or any part of such debts.

4.     That if the above condition is satisfied then the bond shall remain in force, otherwise the bond shall be void.

We the above mentioned parties have signed this bond on this……….day of ………after fully understanding the contents of this bond in the presence of the following witnesses.

WITNESSES:

1. Name…………..                                                    Signature …………..

    Address…………                                                  Successor

2. Name…………..                                                    Signature ………..

    Address…………                                                  Surety

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Documents Required for Security Bond for grant of Succession Certificate

No specific documents are required in order to draft and execute the bond. However, ID proofs of the parties in order to confirm the names and permanent addresses of the surety and the obligor must be scrutinized.

Procedure for Security Bond for grant of Succession Certificate

There is no specific procedure applicable in the making of the security bond for grant of succession certificate. However, it is always recommended to consult a lawyer before approaching the court for grant of the security bond with all the necessary details as stated above.

Legal Considerations for Security Bond for grant of Succession Certificate

In order to get a security bond for grant of succession certificate, it is important that you consult a good property lawyer. As granting of security bond requires the applicant to go through various court procedures which are known only to a trained professional. This is why, it is crucial to have a property lawyer by your side to guide you with the procedures and represent you before the judge for the grant of the security bond.

How can a lawyer help to draft Security Bond for grant of Succession Certificate?

As stated above, getting a security bond for the grant of succession certificate involves various legal procedures which cannot be completed without the help of a good property lawyer. This is why, it is necessary for an applicant to have an experienced property lawyer to guide you through the technicalities of the court procedures while applying for a security bond for the grant of succession certificate and also to represent you in the court of law.

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