Except upon a finding of good cause, the court shall require a conservator to furnish a bond conditioned upon faithful discharge of all duties of the conservator according to law and the court must approve all sureties. When bond is required, the conservator shall file a statement under oath with the court indicating his best estimate of the value of the personal estate of the protected person and of the income expected from the personal estate during the next calendar year, and he shall execute and file a bond with the court, or give other suitable security, in an amount not less than the estimate. The court shall determine that the bond is duly executed by a corporate surety or one or more individual sureties whose performance is secured by pledge of personal property, mortgage on real property, or other adequate security. The court may permit the amount of the bond to be reduced by the value of assets of the estate deposited with a domestic financial institution, as defined in Section 62-6-101, in a manner that prevents their unauthorized disposition. The court may authorize an unrestricted account to be used by the conservator for expenses on behalf of the protected person, and all activity in such an account must be reported by the conservator as required by the court. Upon application of the conservator or another interested person, or upon the court's own motion, the court may:
(1) order the creation, modification, or termination of an account;
(2) increase or reduce the amount of the bond;
(3) release sureties;
(4) dispense with security or securities; or
(5) permit the substitution of another bond with the same or different sureties.
HISTORY: 1986 Act No. 539, Section 1; 1988 Act No. 659, Section 7; 2010 Act No. 244, Section 34, eff June 7, 2010. Formerly Code 1976 Section 62-5-411, renumbered and amended by 2017 Act No. 87 (S.415), Section 5.A, eff January 1, 2019.
Editor's Note
Prior Laws: Former Section 62-5-409 was titled Protective arrangements and single transactions authorized, and had the following history: 1986 Act No. 539, Section 1. See now, Code 1976 Section 62-5-405.