75-5-412. Terms and requirements of bonds.
(1) The following requirements and provisions apply to any bond required under Section
75-5-411:
(a) Unless otherwise provided by the terms of the approved bond, sureties are jointly and
severally liable with the conservator and with each other;
(b) By executing an approved bond of a conservator, the surety consents to the
jurisdiction of the court which issued letters to the primary obligor in any proceeding pertaining to
the fiduciary duties of the conservator and naming the surety as a party defendant. Notice of the
proceeding shall be delivered to the surety or mailed to him by registered or certified mail at his
address as listed with the court where the bond is filed and to his address as then known to the
petitioner;
(c) On petition of a successor conservator or any interested person, a proceeding may be
initiated against a surety for breach of the obligation of the bond of the conservator;
(d) The bond of the conservator is not void after the first recovery but may be proceeded
against from time to time until the whole penalty is exhausted.
(2) 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 under this
code.
Enacted by Chapter 150, 1975 General Session
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Last revised: Wednesday, July 23, 2008