§ 23-4-3-4 — Bond

Indiana § 23-4-3-4

• Jurisdiction: Indiana
• Title 23: BUSINESS AND OTHER ASSOCIATIONS
• Art. 4: PARTNERSHIPS
• Ch. 3: Accounting by Surviving Partners

Text

Upon the filing of the inventory, appraisement,
and list of liabilities, as in this chapter provided, such surviving partner
or partners shall execute a bond, payable to the state of Indiana, in a
sum double the amount of the interest of said decedent, as shown by
said inventory, appraisement, and list of liabilities on file, conditioned
for the faithful performance of his or their trust, signed by at least two
(2) good and sufficient freehold sureties, to be approved by the clerk of
said court. If such surviving partner or partners shall fail to file such
bond within ten (10) days after the filing of such inventory and
appraisement, the judge of the court having probate jurisdiction shall
appoint a receiver to take charge of the assets of such firm, who shall
proceed to settle the same as though a voluntary assignment of the
assets of said firm had been made for the benefit of creditors.
Formerly: Acts 1877, c.86, s.4. As amended by P.L.34-1987,
SEC.321.