§560:5-416 Terms and requirements of bond. (a) The following rules apply to any bond required:
(1) Sureties and the conservator are jointly and severally liable;
(2) By executing the bond of a conservator, a surety submits to the jurisdiction of the court that issued letters to the primary obligor in any proceeding pertaining to the fiduciary duties of the conservator in which the surety is named as a party. Notice of any proceeding shall be sent or delivered to the surety at the address shown in the court records at the place where the bond is filed and to any other address then known to the petitioner;
(3) On petition of a successor conservator or any interested person, a proceeding may be brought against a surety for breach of the obligation of the bond of the conservator; and
(4) The bond of the conservator may be proceeded against until liability under the bond is exhausted.
(b) A proceeding may not be brought against a surety on any matter as to which an action or proceeding against the primary obligor is barred. [L 2004, c 161, pt of §1]
Section: Previous 560-5-409 560-5-410 560-5-411 560-5-412 560-5-413 560-5-414 560-5-415 560-5-416 560-5-417 560-5-418 560-5-419 560-5-420 560-5-421 560-5-422 560-5-423 NextLast modified: October 27, 2016