§ 29-3-7-2 — Bond requirements; liability; consent to jurisdiction; proceedings against sureties

Indiana § 29-3-7-2

• Jurisdiction: Indiana
• Art. 3: GUARDIANSHIPS AND PROTECTIVE
• Ch. 7: Qualification and Bonding Requirements for Guardians

Text

(a) The following requirements apply to all
bonds on which the guardian is primary obligor:
(1) Unless otherwise provided by the terms of the bond, sureties
are jointly and severally liable with the primary obligor and with
each other.
(2) By executing the bond, the surety consents to the jurisdiction
of the court that issued letters in any proceeding pertaining to the
fiduciary duties of the primary obligor and naming the surety as
a party respondent. Notice of any proceeding under this article
must be delivered to the surety or mailed by registered or certified
mail to the address listed with the court at the place where the
bond is filed and to the address as then known to the petitioner.
(3) On petition of a successor to the primary obligor or any
interested person, a proceeding may be intitiated against a surety
for breach of the obligation of the bond of the primary obligor.
(4) The bond 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.

Legislative History

As added by P.L.169-1988, SEC.1.