(6) Requisition of security from grantee of certificate - Sec.375
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The District Judge shall in any case in which he proposes to proceed under
sub-section (3) or sub-section (4) of Section 373, and may, in any other case
require as a condition precedent to the granting of a certificate, that the
person to whom he proposes to make the grant shall give to the Judge a bond
with one more surety or sureties, or other sufficient security, for rendering
an account of debts and securities received by him and for indemnity of persons
who may be entitled to the whole or any part of those debts and securities.
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The Judge may, on application made by petition and no cause shown to his
satisfaction, and upon such terms as to security, or providing that the money
received be paid into Court, or otherwise, as he thinks fit, 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.
Simplified Version
(6) Requisition of security from grantee of certificate - Sec.375
On basis of the debts and securities attached with the property the person
getting the succession certificate has to deposit a security and a surity bond
in the court proportionate to the amount owed to the debtors. Failing which the
debtors can sue him in the court of law.
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