(1) Except as provided in subsection (2) of this section, the court shall require a conservator to furnish a bond conditioned upon faithful discharge of all duties of the conservator according to law, with sureties as specified by the court. Unless otherwise directed, the bond must be in the amount of the aggregate capital value of the property of the estate in the control of the conservator plus one yearís estimated income minus the value of securities and money deposited under arrangements requiring an order of the court for their removal and the value of any real property that the conservator, by express limitation of power, lacks power to sell or convey without court authorization.
(2)(a) The court may waive a bond for good cause shown.
(b) Subsection (1) of this section does not affect the provisions of ORS 709.240, relating to a trust company acting as fiduciary, ORS 125.715, relating to a public guardian acting as fiduciary, or ORS 406.050 (7), relating to the Department of Veteransí Affairs acting as fiduciary.
(3) Sureties for a bond required under this section are jointly and severally liable with the conservator and with each other.
(4) Letters of conservatorship may not be issued until the bond required by this section is approved by the court.
(5) The bond of the conservator continues in effect until the sureties on the bond are released by order of the court.
(6) The court may at any time increase or reduce the amount of the bond required of a conservator for the protection of the protected person and the estate of the protected person.
(7) If a surety on a bond required by this section gives notice of intent to cancel the bond, the conservator shall execute and file in the protective proceeding a new bond before the cancellation date specified by the surety. The new bond shall be in the amount and subject to those conditions that may be required by the court. If the conservator fails to file a new bond, the authority of the conservator ends on the date specified by the surety for cancellation of the bond. The letters of conservatorship issued to the conservator are void from that date, and the conservator must make and file the final accounting of the conservator. [1995 c.664 §36; 2001 c.102 §5; 2005 c.625 §66]Section: Previous 125.310 125.315 125.320 125.325 125.330 125.400 125.405 125.410 125.415 125.420 125.425 125.430 125.435 125.440 125.445 Next
Last modified: August 7, 2008