(A) The following requirements and provisions apply to any bond required under Section 62-5-409:
(1) Sureties must be jointly and severally liable with the conservator and with each other.
(2) By executing an approved bond of a conservator, the surety consents to the jurisdiction of the court in any proceeding pertaining to the fiduciary duties of the conservator and naming the surety as a party defendant. Notice of any proceeding must be delivered to the surety or mailed to him by registered or certified mail at his address that is listed with the court where the bond is filed or to his address as then known to the petitioner.
(3) After service of a summons and petition by a successor conservator, or upon the court's own motion, a proceeding may be initiated against a surety for breach of the obligation of the bond of the conservator.
(4) Subject to applicable statutes of limitation, the bond of the conservator is not void after the first recovery, but may be proceeded against from time to time until the whole penalty is exhausted.
(B) No proceeding may be commenced against the surety on any matter as to which an action or proceeding against the primary obligor is barred by adjudication or limitation.
HISTORY: 1986 Act No. 539, Section 1; 2010 Act No. 244, Section 35, eff June 7, 2010. Formerly Code 1976 Section 62-5-412, renumbered and amended by 2017 Act No. 87 (S.415), Section 5.A, eff January 1, 2019.
Editor's Note
Prior Laws: Former Section 62-5-410 was titled Who may be appointed conservator; priorities, and had the following history: 1986 Act No. 539, Section 1; 1995 Act No. 15, Section 4. See now, Code 1976 Section 62-5-408.