§ 10-4-303 — Application for release of surety - refund

When any company,
surety upon the official bond of any trustee, committee, conservator, guardian,
assignee, receiver, executor, administrator, or other fiduciary in this state desires to
be released from such obligation, such surety shall file its application for such
release in the court having jurisdiction of such fiduciary, and, thereupon, the clerk
of such court shall issue, under the seal thereof, a notice to such fiduciary requiring
him to furnish a new bond, with sureties to be approved by the court, within ten
days after the date of the service of said notice. Such notice may be served in the
manner provided by law for the service of a summons in a civil action. If such
fiduciary fails to furnish such bond within the time prescribed, he shall be
summarily removed from office, and a new trustee, committee, conservator,
guardian, assignee, receiver, executor, administrator, or other fiduciary shall be
forthwith appointed. From and after the time when such new bond is furnished and
approved, or such new fiduciary appointed and qualified, the surety making such
application shall be released from all liability upon its bond, except for such default
or other misconduct on the part of such fiduciary as occurred prior thereto. If any
surety has been released or withdrawn as provided in this title, and if the principal
accounts in due form of law for all of his acts and doings and all trust funds or
estate in his hands and secured by such bond, and if such account has been
approved so that there is no further liability of the surety upon such bond, the
unearned portion of any premium paid to such surety shall be refunded and repaid
by the said surety.

Legislative History

Source: L. 79: Entire part R&RE, p. 361, � 7, effective July 1.