In the case of insured bonds, where the interest payment is funded by a bond insurer or letter of credit issuer, the default is still the same.

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He asked Avtovaz for a letter of credit from a Western bank guaranteeing its payment.

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The letter does not expressly state that the payment obligation terminates upon the death of Ms. Charles.

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"Regrettably, the announcement was made without an assessment of the costs and benefits, or a plan or timetable for managing the process, or an indication of what alternative payment instruments might need to be created, " the letter said.

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The words that the IRS used are interesting because they echo those used by the AICPA in its August 8, 2011 letter to the IRS. The AICPA asked the IRS to extend the filing and payment deadlines that executors of 2010 estates must comply with.

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