NADA - An online tool frequently used to determine the Fair Market Value of a vehicle for the purpose of establishing the vehicle’s value on the Inventory Summary Report.

NOMINAL BOND OF PERSONAL REPRESENTATIVE BOND – A Surety Bond posted by the Personal Representative of an Estate as required by the Court.  A surety bond is a three-party contract where an insurance company guarantees to the Court that a Personal Representative will fulfill their contractual or legal obligations. If the Personal Representative fails to meet these obligations, the insurance company is responsible for paying the Court to ensure the contract is completed or to cover damages incurred by the Court.

NOTICE OF DISALLOWANCE - Generally, unsecured creditors of a Decedent must file a formal Claim Against the Estate in order to be paid a debt.  The Claim must be filed with the Register of Wills and served upon the Personal Representative and/or the attorney for the Estate.  Creditors generally have 6 months from date of death to file their Claim, albeit there are exceptions to this general Statute of Limitations.  If a Claim is believed to be incorrect or is made after the Statute of Limitations, a Notice of Disallowance may be filed.  The Creditor then has 60 days to substantiate their Claim or it is disallowed.