Administration Bond

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Administration Bond

A bond issued by the administrator of an estate. The administration bond provides security in case the administrator causes financial losses due to theft, fraud, or negligence. The administration bond is refunded to the administrator if he/she performs his/her duties in accordance with the law and the decedent's will.
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Bank purchased four Maryland Community Development Administration bonds, which provided funds to finance the purchase of or refinance owner-occupied, single-family residences in Maryland by borrowers with limited income.
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