New bond; release of surety; accounting
Sec. 9. (a) Any surety upon any bond of any personal
representative or other fiduciary may petition the court approving
such bond to be released therefrom. Ten (10) days' notice thereof
shall be given the principal in said bond. Upon proof of such notice,
the court shall notify the principal to file a new bond within fifteen
(15) days with penalty and surety to the approval of the court. Upon
failure to file such a new bond with the time fixed, the principal shall
be forthwith removed by the court. In either event the principal shall
file an accounting covering his acts to date. As soon as said new
bond is filed or said principal removed, the surety shall be released
from any liability for the acts or omissions of the principal thereafter
occurring, but shall remain liable for his prior acts and omissions.
(b) Any principal in any bond given by any executor,
administrator, guardian or fiduciary may apply to the court approving
such bond to terminate further liability on such bond and to release
the surety or sureties thereon from all further liability and offer a
new bond in an amount and with sureties as required by law and file
an accounting covering his acts to the date thereof. Ten (10) days'
notice of such application shall be given the sureties. Upon the
approval of the accounting and the new bond, the court shall enter an
order discharging the original sureties from all liability upon said
bond for acts or omissions of the principal thereafter occurring, but
they shall remain liable on said former bond for prior acts and
omissions.
(Formerly: Acts 1953, c.112, s.1109.)
Last modified: May 27, 2006