(a) Unless authorized by special order of the court, no sheriff, clerk of any court, the deputy of either, the judge of any court, or attorney at law shall be taken as surety on the bond of a personal representative.
(b)
(1) A surety upon the bond of a personal representative desiring to be released from subsequent liability shall serve upon the personal representative a notice that, on and after a date fixed in the notice, which date shall be not less than twenty (20) days from the date of service, the surety will withdraw as surety upon the bond. A copy of the notice of withdrawal shall be filed in the court immediately.
(2) On and after 12 noon of the termination date fixed in the notice, the surety shall be released from liability on the bond for subsequent acts or defaults of the personal representative, and, unless before noon of the termination date a new bond with sufficient surety shall be filed and approved, the personal representative shall ipso facto be removed, and a successor shall be appointed.
(3) However, the surety shall not be released from liability until the personal representative shall have furnished a new bond with surety approved by the court, or until his or her successor has been appointed, has qualified, and has taken over the assets of the estate, or until a final settlement of his or her principal has been approved.
(c)
(1) The original sureties shall be liable for all breaches of the obligation of the bond up to the time of filing of the new bond and approval of the bond by the court, but they shall not be liable for acts and omissions of the personal representative thereafter.
(2) The new bond shall bind the sureties thereon with respect to acts and omissions of the personal representative from the time when the sureties on the original bond are no longer liable therefor or from such prior time as the court directs.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.