I have a 10G encrypted volume bundle created with Disk Utility. I want to change it's encryption password. How can I do that?

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You can use the "Change Password..." feature from the Images menu in Disk Utility. (Under the File menu in 10.7+. Hat tip to ymasood)

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On OS X Lion, I found the 'Change Password' option under the File menu and not the Images menu in the menu bar. – ymasood Dec 6 '11 at 5:54
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hdiutil chpass image

You will be prompted for the passwords.

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