My wife just received the Refunding Bond and Release from her father's estate. There is a clause in it that gives us pause, as it appears that she would be liable if there were any future claims against his estate. Is the following language typical?
Now Therefore, if the Obligor be a devisee, than and in that case if any part or the whole of such devise shall at any time hereafter appear to be wanting to dischare any debt or debts, devise or devises, which the said executor or administrato may not have other assets to pay, the Obligor will return said devise or such part thereof as may be necessary for the payment of the said debts or for the payment of a proportional part of the said devises; or
If the Obligor be a distributee, then and in that case if any debt or debts, truly owing by the estate, shall be afterwards sued for and recovered or otherwise duly made to appear, and which there shall be no other assets to pay, Obligor shall refund and pay back to the administrator, the Obligor's ratable part of such debt or debts, out of the part and share so allotted to the Obligor.
Any help or advise would be appreciated!
Now Therefore, if the Obligor be a devisee, than and in that case if any part or the whole of such devise shall at any time hereafter appear to be wanting to dischare any debt or debts, devise or devises, which the said executor or administrato may not have other assets to pay, the Obligor will return said devise or such part thereof as may be necessary for the payment of the said debts or for the payment of a proportional part of the said devises; or
If the Obligor be a distributee, then and in that case if any debt or debts, truly owing by the estate, shall be afterwards sued for and recovered or otherwise duly made to appear, and which there shall be no other assets to pay, Obligor shall refund and pay back to the administrator, the Obligor's ratable part of such debt or debts, out of the part and share so allotted to the Obligor.
Any help or advise would be appreciated!
