§ 30.1-29-12 — (5-412) Terms and requirements of bonds

1. The following requirements and provisions apply to any bond required under section
30.1-29-11:
a. Unless otherwise provided by the terms of the approved bond, sureties are jointly
and severally liable with the conservator and with each other.
b. By executing an approved bond of a conservator, the surety consents to the
jurisdiction of the court which issued letters to the primary obligor in any
proceeding pertaining to the fiduciary duties of the conservator and naming the
surety as a party defendant. Notice of any proceeding shall be delivered to the
surety or mailed to the surety by registered or certified mail at the surety's
address as listed with the court where the bond is filed and to the surety's
address as then known to the petitioner.
c. On petition of a successor conservator or any interested person, a proceeding
may be initiated against a surety for breach of the obligation of the bond of the
conservator.
d. 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.
2. 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.