TITLE II DESCENT AND DISTRIBUTION, WILLS, ESTATES OF DECEASED PERSONS AND ABSENTEES, GUARDIANSHIP, CONSERVATORSHIP AND TRUSTSPrev Next
Section 3-606. [Terms and Conditions of Bonds.]
(a) The following requirements and provisions shall apply to any bond required by this part:
(1) Bonds shall name the first justice of the court making the appointment and his successors as obligee for the benefit of the persons interested in the estate and shall be conditioned upon the faithful discharge by the fiduciary of all duties according to law.
(2) Unless otherwise provided by the terms of the approved bond, sureties are jointly and severally liable with the personal representative and with each other. The address of sureties shall be stated in the bond.
(3) By executing an approved bond of a personal representative, the surety consents to the jurisdiction of the court which issued letters to the primary obligor in any proceedings pertaining to the fiduciary duties of the personal representative and naming the surety as a party. Notice of any proceeding shall be delivered to the surety or mailed to the surety by registered or certified mail at the address as listed with the court where the bond is filed and to the address as then known to the petitioner.
(4) On petition of a successor personal representative, any other personal representative of the same decedent, or any interested person, a proceeding in the court may be initiated against a surety for breach of the obligation of the bond of the personal representative.
(5) The bond of the personal representative shall not be void after the first recovery but may be proceeded against from time to time until the whole penalty is exhausted.
(6) If a new bond is required, the sureties on the prior bond shall be liable for all breaches of the conditions thereof committed before the new bond is approved and filed.
[Paragraph (7) of subsection (a) applicable as provided by 2012, 140, Sec. 66.]
(7) In no event shall any surety be liable for any claim or cause of action arising out of or in any way connected with acts or omissions of the personal representative occurring prior to the appointment of such person as personal representative. As provided in section 702 of chapter 203E, this section shall also apply to bonds of trustees.
(b) No action or 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.