§ 29-1-11-9 — New bond; release of surety; accounting

(a) Any surety upon any bond of any personal
representative or other fiduciary may petition the court approving such
bond to be released therefrom. Ten (10) days' notice thereof shall be
given the principal in said bond. Upon proof of such notice, the court
shall notify the principal to file a new bond within fifteen (15) days
with penalty and surety to the approval of the court. Upon failure to file
such a new bond with the time fixed, the principal shall be forthwith
removed by the court. In either event the principal shall file an
accounting covering his acts to date. As soon as said new bond is filed
or said principal removed, the surety shall be released from any liability
for the acts or omissions of the principal thereafter occurring, but shall
remain liable for his prior acts and omissions.
(b) Any principal in any bond given by any executor, administrator,
guardian or fiduciary may apply to the court approving such bond to
terminate further liability on such bond and to release the surety or
sureties thereon from all further liability and offer a new bond in an
amount and with sureties as required by law and file an accounting
covering his acts to the date thereof. Ten (10) days' notice of such
application shall be given the sureties. Upon the approval of the
accounting and the new bond, the court shall enter an order discharging
the original sureties from all liability upon said bond for acts or
omissions of the principal thereafter occurring, but they shall remain
liable on said former bond for prior acts and omissions.
Formerly: Acts 1953, c.112, s.1109.