288.
| (1) In every case where a final order has been made by the Public Trustee declaring any person entitled to have issued to him probate or grant of administration, it shall be the duty of the executor or administrator in whose favour such order is made-
| | (a) to take the oath of an executor or administrator or in the prescribed form; | | |
| | (b) if so required by the Public Trustee, to enter into a bond with or without sureties for the due administration of the deceased person's property; and | | |
| | (c) to submit to the Public Trustee an inventory and valuation of the property belonging to the deceased valued as at the date of death, and a statement of liabilities, if any, of the deceased person as at the same date. | | |
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| (2) Where a banking, insurance or other corporation approved by the Public Trustee stands surety, no other surety shall be necessary nor shall a hypothecation of property be required. |
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| (3) The bond entered into under this section shall render the executor or administrator and the surety responsible for all deficiencies, depreciation or loss of the property of the estate attributable to the default of the principal. The surety, if any, shall be liable to make good the same to the same extent and in like manner as if such default were his own. The amount secured by the bond shall be limited to the value of the movable property which appears to the Public Trustee likely to come into the hands of the executor or administrator and to two years income from the immovable property to be administered. Where the amount of administration is limited, the amount secured by the bond may be reduced. |
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| (4) The Public Trustee may, in his discretion, dispense with the security required to be furnished by bond under this section in all cases of the issue of probate or grant of administration to the sole beneficiary under a will, or to the sole heir in the case of intestacy, or where all the heirs and the guardians of minors consent thereto, or in the case of a limited grant or where, in his opinion, such security is not considered to be absolutely necessary for the protection of that estate. |
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| (5) The valuation of the property under this section shall be the same as that which has been finally accepted for the purpose of the assessment of estate duty. |
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Sri Lanka Consolidated Acts