A. Before the entry of an order appointing a person or organization as a guardian of the person and before the letters of guardianship issue, the court may require the person or organization to be appointed to provide a bond to this state, with sufficient sureties, to be approved by the court, and in such penal sum as the court shall order, conditioned that the guardian will faithfully execute the duties of the trust according to law.

B. 1. Before the entry of an order appointing a person or organization as the guardian of a minor or as the guardian or limited guardian of the property of an incapacitated or partially incapacitated person takes effect, and before the letters of guardianship issue, the court shall require the person or organization to be appointed to provide a bond, in an amount not less than the value of intangible personal property as alleged in the petition or otherwise determined by the court at the hearing on the petition, to this state, with sufficient sureties, to be approved by the court, and in such penal sum as the court shall order, conditioned that the guardian will faithfully execute the duties of the trust according to law.

2. Except as otherwise provided by paragraph 3 of this subsection, upon a finding by the court that the anticipated annual income to a ward for one (1) year plus the value of the personal property of the ward is less than Forty Thousand Dollars ($40,000.00), the court may order that a bond is not necessary. For purposes of this paragraph, personal property shall not include property owned with a joint tenant.

3. The provisions of this section shall not apply to cases subject to the Veterans Volunteer Guardianship Act.

C. In the event the intangible personal property of the ward, as determined by the inventory, is in a greater amount than as alleged in the petition or determined by the court at the hearing on the petition, the guardian shall file at the time the inventory is filed a bond sufficient for the full amount of the intangible personal property, which bond will be in substitution for the bond originally filed on the appointment of the guardian. The amount of the bond in the future may be adjusted up or down in amount based upon the intangible personal property shown in future annual accountings; provided, however, no bond shall be reduced except upon order of the court.

R.L. 1910, § 6532. Amended by Laws 1953, p. 245, § 69; Laws 1963, c. 133, § 1; Laws 1987, c. 164, § 3, operative July 1, 1987; Laws 1988, c. 181, § 3, eff. Nov. 1, 1988; Laws 1988, c. 329, § 77, eff. Dec. 1, 1988. Renumbered from § 776 of Title 58 by Laws 1988, c. 329, § 134, eff. Dec. 1, 1988. Amended by Laws 1990, c. 323, § 56, operative July 1, 1990; Laws 1991, c. 18, § 3, emerg. eff. March 29, 1991; Laws 1994, c. 234, § 6, eff. Sept. 1, 1994; Laws 1998, c. 77, § 1, eff. Nov. 1, 1998; Laws 2004, c. 181, § 7, eff. Nov. 1, 2004; Laws 2019, c. 23, § 9, emerg. eff. April 4, 2019.