§ 64.103.Bond

One sentence adjusting the general bond requirement to this receivership.

The bond required to be executed by a receiver for a missing person must be set in an amount the court considers necessary to protect the estate of the missing person.

The general provision says only that the amount is fixed by the court. This adds a standard for fixing it: what is necessary to protect the estate.

The direction matters because of who is absent. In an ordinary receivership the parties are present and can argue about whether a bond is adequate. Here the person whose property is at stake cannot.

So the court is told what to aim at, rather than left to set a figure nobody will contest.

"Protect the estate" is a full-value standard rather than a nominal one. The bond answers for the whole of what the receiver holds, since the missing person may return to find it gone.

The contrast with the mineral receiverships is instructive. Those dispense with a bond entirely, because the receiver signs an instrument and the money goes straight to the court clerk — the receiver never holds the asset.

Here the receiver holds everything: the property, the income, the corpus, with power to invest, lend and spend on the family’s needs.

The bond is one of three safeguards this subchapter layers on, alongside the attorney ad litem and the periodic sworn accounts — each addressing the same problem, that the owner cannot watch.