SECTION 18. Exemption from responsibility of estates of less than $700

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A public administrator, upon making such deposit, shall file with the state treasurer an itemized account, on oath, of all his dealings, receipts, payments and charges on account of the property from which the money so deposited proceeds, including the name of the intestate, if known to him, and the state treasurer shall thereupon deliver to him a receipt for such money. Such deposit shall exempt the public administrator from all responsibility for or on account of the money so deposited.

                    
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