Section 9-5-103 - Bonds of receivers, assignees, executors may be reduced or cancelled, if excessive or for sufficient cause

Whenever it shall appear by petition to the chancery court, or chancellor in vacation, that any bond given by an assignee, receiver, executor, administrator, guardian, or trustee is in excess of the value of the estate being administered, and as such is an unnecessary expense to the estate, or that other sufficient cause appears for so doing, the chancery court or chancellor in vacation may, after five days' service of copy of said petition on the surety, cancel the bond or reduce the same to an amount sufficient to protect the estate, or accept a new bond in substitution of an existing one. However, the decree rendered shall not affect the liability upon a bond which accrued prior to its cancellation, reduction or substitution.Codes, Hemingway's 1917, § 264; 1930, § 323; 1942, § 1233; Laws, 1914, ch. 155; Laws, 1940, ch. 234; Laws, 1958, ch. 232.