(1) The following rules apply to any bond required:
Except as otherwise provided by the terms of the bond, sureties and the conservatorare jointly and severally liable.
By executing the bond of a conservator, a surety submits to the jurisdiction of thecourt that issued letters to the primary obligor in any proceeding pertaining to the fiduciary duties of the conservator in which the surety is named as a party. Notice of any proceeding must be sent or delivered to the surety at the address shown in the court records at the place where the bond is filed and to any other address then known to the petitioner.
On petition of a successor conservator or any interested person, a proceeding may bebrought against a surety for breach of the obligation of the bond of the conservator.
The bond of the conservator may be proceeded against until liability under the bondis exhausted.
Unless otherwise directed by the court, the cost of the bond shall be paid from theprotected person's estate.
A proceeding may not be brought against a surety on any matter as to which anaction or proceeding against the primary obligor is barred.
If there is a request for the waiver or reduction of a surety upon a bond, the courtmay require the conservator to supply the court with a credit report, a statement of the conservator's assets, liabilities, income, and expenses, and a statement about any interests the conservator may have in or liability to the conservatorship estate, or any other information the court may wish to consider.
Source: L. 2000: Entire part R&RE, p. 1817, § 1, effective January 1, 2001 (see § 15-17103).
Editor's note: This section is similar to former § 15-14-412 as it existed prior to 2001.