Bond requirements; liability; consent to jurisdiction; proceedings
against sureties
Sec. 2. (a) The following requirements apply to all bonds on
which the guardian is primary obligor:
(1) Unless otherwise provided by the terms of the bond, sureties
are jointly and severally liable with the primary obligor and
with each other.
(2) By executing the bond, the surety consents to the
jurisdiction of the court that issued letters in any proceeding
pertaining to the fiduciary duties of the primary obligor and
naming the surety as a party respondent. Notice of any
proceeding under this article must be delivered to the surety or
mailed by registered or certified mail to the address listed with
the court at the place where the bond is filed and to the address
as then known to the petitioner.
(3) On petition of a successor to the primary obligor or any
interested person, a proceeding may be intitiated against a
surety for breach of the obligation of the bond of the primary
obligor.
(4) The bond is not void after the first recovery but may be
proceeded against from time to time until the whole penalty is
exhausted.
(b) No proceeding may be commenced against the surety on any
matter as to which an action or proceeding against the primary
obligor is barred by adjudication or limitation.
As added by P.L.169-1988, SEC.1.
Last modified: May 27, 2006