Short answer. Yes, where the estate includes personal property. The rule requires a bond filed with the register of deeds at the same time as the settlement document, in an amount equal to the value of the personal property involved, as a condition before the deed or affidavit is filed.
What the law says
a bond with the said register of deeds, in an amount equivalent to the value of the personal property involved as certified to under oath by the parties concerned
Rule 74, Section 1 — Extrajudicial settlement by agreement between heirs. Read the full provision →
The bond comes with the document, not after it
The rule does not treat the bond as a follow-up step. It requires the parties to file it simultaneously with and as a condition precedent to the filing of the public instrument, of the stipulation in a pending partition action, or of the sole heir's affidavit. That wording puts the bond ahead of registration rather than alongside it, so heirs who arrive at the register of deeds with only the deed of settlement have not yet done what the rule asks. It is worth settling the bond question before the settlement document is finalised, because the two are meant to be presented together.
How the amount is worked out
The figure is not left to the register of deeds. The rule fixes it as an amount equivalent to the value of the personal property involved, certified to under oath by the parties themselves. Two things follow. First, it is the personal property in the estate — cash, deposits, vehicles, shares, goods — that sets the figure, not the land, even where the land is by far the larger asset. Second, because the heirs certify the value under oath, the valuation is their own representation, and understating it is not a neutral shortcut.
What the bond actually answers for
The bond is conditioned upon the payment of any just claim that may be filed under Section 4 of this rule. Its purpose is to leave something behind that a person with a genuine claim against the estate can reach after the heirs have already divided the property among themselves and registered the division. An extrajudicial settlement moves assets out of the estate quickly and without a court passing on who is owed what; the bond is the counterweight the rule builds in. Understanding that purpose explains why it is measured against personal property, which is the part of an estate most easily dispersed.
A sole heir is not excused
The requirement is written to cover every route the rule allows. It names the parties to an extrajudicial settlement, whether by public instrument or by stipulation in a pending action for partition, and the sole heir who adjudicates the entire estate to himself by affidavit. So a single heir using the affidavit route is under the same obligation as five heirs signing a deed. Whether a bond is required in a particular estate, and how the personal property in it should be valued, are questions worth putting to a lawyer before anything is filed and registered.