The Court may, on application made by petition and on being satisfied that the engagement of any such bond has not been kept, and upon such terms as to security, or providing that the money received be paid into Court, or otherwise, as the Court may think fit, assign the same to some person, his executors or administrators, who shall thereupon be entitled to sue on the said bond in his or their own name or names as if the same had been originally given to him or them instead of to the Judge of the Court, and shall be entitled to recover thereon, as trustees for all persons interested, the full amount recoverable in respect of any breach thereof.
Legal Commentary & Landmark Judgments: Section 292
Section 292 empowers the court to assign the Administration Bond to an aggrieved person where the administrator has breached conditions or committed waste.
Where an administrator absconds with estate funds or fails to account, counsel for the beneficiaries should apply under Section 292 for assignment of the administration bond; once assigned, execute directly against the immovable properties pledged by the sureties.