(1) The following rules apply to the bond required under Section 93-20-416:
(a) Except as otherwise provided by the bond, the surety and the conservator are jointly and severally liable.
(b) By executing a bond provided by a conservator, the surety submits to the personal jurisdiction of the court that issued letters of office to the conservator in a proceeding relating to the duties of the conservator in which the surety is named as a party. Notice of the proceeding must be given to the surety at the address shown in the records of the court in which the bond is filed and any other address of the surety then known to the person required to provide the notice.
(c) On petition of a successor conservator or person affected by a breach of the obligation of the bond, a proceeding may be brought against the surety for breach of the obligation of the bond.
(d) A proceeding against the bond may be brought until liability under the bond is exhausted.
(2) A proceeding may not be brought under this section against a surety of a bond on a matter as to which a proceeding against the conservator is barred.
(3) If a bond under Section 93-20-416 is not renewed by the conservator, the surety or sureties immediately must give notice to the court and the attorney for the conservatorship.
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