IC 29-1-11
Chapter 11. Bond of Personal Representative
IC 29-1-11-1 Conditions requiring execution and filing
Sec. 1. A personal representative is not required to execute and
file a bond relating to the duties of his office unless:
(1) the will provides for the execution and filing of such a bond;
or
(2) the court finds, on its own motion or on petition by an
interested person, that a bond is necessary to protect creditors, heirs,
legatees, or devisees. (Formerly: Acts 1953, c.112, s.1101; Acts 1971, P.L.408, SEC.1;
Acts 1975, P.L.288, SEC.17.)
IC 29-1-11-2 Deposit of money or assets; withdrawal
Sec. 2. It shall be lawful for the personal representative to agree
with his surety for the deposit of any or all money and other assets
of the estate with a bank, safe deposit or trust company, authorized
by law to do business as such, or other depository approved by the
court, if such deposit is otherwise proper, in such manner as to
prevent the withdrawal of such moneys or other assets without the
written consent of the surety, or on order of the court made on such
notice to the surety as the court may direct. (Formerly: Acts 1953, c.112, s.1102.)
IC 29-1-11-3 Run to state; joint and several liability; conflict of laws
Sec. 3. The bond of the personal representative shall run to the
state of Indiana to the use of all persons for whose benefit it was
given under the provision of this article and shall be for the security
and benefit of such persons. The sureties shall be jointly and
severally liable with the personal representative and with each other.
The provisions of this section shall not change the rights of the
sureties under other statutes or under the law. (Formerly: Acts 1953, c.112, s.1103.) As amended by Acts 1982,
P.L.171, SEC.31.
IC 29-1-11-4 Joint representatives; personal representative as surety
Sec. 4. When two (2) or more persons are appointed personal
representatives of the same estate and are required by the provisions
of this article to give a bond, the court may require either a separate
bond from each or one (1) bond from all of them. No personal
representative shall be deemed a surety for another personal
representative unless the terms of the bond so provide. (Formerly: Acts 1953, c.112, s.1104.) As amended by Acts 1982,
P.L.171, SEC.32. IC 29-1-11-5 Affidavit of surety; value of property
Sec. 5. Each personal surety shall execute and file with the court
an affidavit that he owns real property, subject to execution, of a
value over and above his liabilities, equal to the amount of the bond,
and shall include in such affidavit the total amount of his obligations
as surety on other official or statutory bonds.
If the amount of the bond exceeds $1,000, the affidavit shall also
state:
(a) An adequate description of the real property within this state
offered by him as security.
(b) The total amount of the liens, unpaid taxes, other bonds
executed and other encumbrances on the property so offered by him
as security.
(c) The assessed and market value of such property and the value
of the surety's equity over and above all encumbrances, liens, and
unpaid taxes.
(d) That the equity in such property so offered is equal to the
amount of the bond.
The only provision of this section which shall apply in counties
in this state having a population of less than fifty thousand (50,000)
according to the last preceding United States census, is the provision
that each personal surety shall execute and file with the court an
affidavit that he owns real property, subject to execution, of a value
over and above his liabilities, including contingent liabilities equal
to the amount of the bond. (Formerly: Acts 1953, c.112, s.1105.)
IC 29-1-11-6 Sufficiency; value of assets; evidence of title
Sec. 6. No bond of a personal representative shall be deemed
sufficient unless it shall have been examined and approved as
required by law, and the approval endorsed thereon in writing.
Before giving approval the court, judge, commissioner, or clerk may
require evidence as to the value and character of the assets of
personal sureties, including an abstract, certificate or other
satisfactory evidence of title of every tract of real property which is
offered as security. In the event that the bond is not approved, the
personal representative shall, within such time as may be directed,
secure a bond with satisfactory surety or sureties. (Formerly: Acts 1953, c.112, s.1106.)
IC 29-1-11-7 Failure to give bond; successor; revocation of letters
Sec. 7. If at any time a personal representative fails to give a bond
as required by the court, within the time fixed by the court, some
other person shall be appointed in his stead. If letters have been
issued, they shall be revoked. (Formerly: Acts 1953, c.112, s.1107.) IC 29-1-11-8
Repealed
(Repealed by Acts 1975, P.L.288, SEC.51.)
IC 29-1-11-9 New bond; release of surety; accounting
Sec. 9. (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.)
IC 29-1-11-10 Breach of obligation; damages; intervention
Sec. 10. (a) The court may, on breach of the obligation of the
bond of the personal representative, after notice to the obligors in the
bond and to such other persons as the court directs, determine the
damages as a part of the proceeding for the administration of the
estate, and by appropriate proceeding enforce the collection thereof
from those liable on the bond. Such determination and enforcement
may be made by the court upon its own motion or upon application
of a successor personal representative, or of any other personal
representative, or of any other interested person. The court may hear
the application at time of settling the accounts of the defaulting
personal representative or at such other time as the court may direct.
Damages shall be assessed on behalf of all interested persons and
may be paid over to the successor or other non-defaulting personal
representative and distributed as other assets held by the personal
representative in his official capacity.
(b) The bond of the personal representative shall not be void upon
the first recovery, but may be proceeded upon from time to time until
the whole penalty is exhausted.
(c) If the court has already determined the liability of the personal
representative, the sureties shall not be permitted thereafter to deny
such liability in any action or hearing to determine their liability; but
the surety may intervene in any hearing to determine the liability of
the personal representative. (Formerly: Acts 1953, c.112, s.1110.)
IC 29-1-11-11 Validity; bound to full extent; action on defective bond
Sec. 11. No surety bond entered into under the provisions of this
article shall be void for want of form or substance or recital or
condition nor the principal or surety be discharged, but the principal
and surety shall be bound by such bond to the full extent
contemplated by the law requiring the same and the sureties to the
amount specified in the bond. In all actions on a defective bond the
plaintiff or relator may suggest the defect in his complaint and
recover to the same extent as if such bond complied with the law
requiring the same. (Formerly: Acts 1953, c.112, s.1111.) As amended by Acts 1982,
P.L.171, SEC.33.
IC 29-1-11
Chapter 11. Bond of Personal Representative
IC 29-1-11-1 Conditions requiring execution and filing
Sec. 1. A personal representative is not required to execute and
file a bond relating to the duties of his office unless:
(1) the will provides for the execution and filing of such a bond;
or
(2) the court finds, on its own motion or on petition by an
interested person, that a bond is necessary to protect creditors, heirs,
legatees, or devisees. (Formerly: Acts 1953, c.112, s.1101; Acts 1971, P.L.408, SEC.1;
Acts 1975, P.L.288, SEC.17.)
IC 29-1-11-2 Deposit of money or assets; withdrawal
Sec. 2. It shall be lawful for the personal representative to agree
with his surety for the deposit of any or all money and other assets
of the estate with a bank, safe deposit or trust company, authorized
by law to do business as such, or other depository approved by the
court, if such deposit is otherwise proper, in such manner as to
prevent the withdrawal of such moneys or other assets without the
written consent of the surety, or on order of the court made on such
notice to the surety as the court may direct. (Formerly: Acts 1953, c.112, s.1102.)
IC 29-1-11-3 Run to state; joint and several liability; conflict of laws
Sec. 3. The bond of the personal representative shall run to the
state of Indiana to the use of all persons for whose benefit it was
given under the provision of this article and shall be for the security
and benefit of such persons. The sureties shall be jointly and
severally liable with the personal representative and with each other.
The provisions of this section shall not change the rights of the
sureties under other statutes or under the law. (Formerly: Acts 1953, c.112, s.1103.) As amended by Acts 1982,
P.L.171, SEC.31.
IC 29-1-11-4 Joint representatives; personal representative as surety
Sec. 4. When two (2) or more persons are appointed personal
representatives of the same estate and are required by the provisions
of this article to give a bond, the court may require either a separate
bond from each or one (1) bond from all of them. No personal
representative shall be deemed a surety for another personal
representative unless the terms of the bond so provide. (Formerly: Acts 1953, c.112, s.1104.) As amended by Acts 1982,
P.L.171, SEC.32. IC 29-1-11-5 Affidavit of surety; value of property
Sec. 5. Each personal surety shall execute and file with the court
an affidavit that he owns real property, subject to execution, of a
value over and above his liabilities, equal to the amount of the bond,
and shall include in such affidavit the total amount of his obligations
as surety on other official or statutory bonds.
If the amount of the bond exceeds $1,000, the affidavit shall also
state:
(a) An adequate description of the real property within this state
offered by him as security.
(b) The total amount of the liens, unpaid taxes, other bonds
executed and other encumbrances on the property so offered by him
as security.
(c) The assessed and market value of such property and the value
of the surety's equity over and above all encumbrances, liens, and
unpaid taxes.
(d) That the equity in such property so offered is equal to the
amount of the bond.
The only provision of this section which shall apply in counties
in this state having a population of less than fifty thousand (50,000)
according to the last preceding United States census, is the provision
that each personal surety shall execute and file with the court an
affidavit that he owns real property, subject to execution, of a value
over and above his liabilities, including contingent liabilities equal
to the amount of the bond. (Formerly: Acts 1953, c.112, s.1105.)
IC 29-1-11-6 Sufficiency; value of assets; evidence of title
Sec. 6. No bond of a personal representative shall be deemed
sufficient unless it shall have been examined and approved as
required by law, and the approval endorsed thereon in writing.
Before giving approval the court, judge, commissioner, or clerk may
require evidence as to the value and character of the assets of
personal sureties, including an abstract, certificate or other
satisfactory evidence of title of every tract of real property which is
offered as security. In the event that the bond is not approved, the
personal representative shall, within such time as may be directed,
secure a bond with satisfactory surety or sureties. (Formerly: Acts 1953, c.112, s.1106.)
IC 29-1-11-7 Failure to give bond; successor; revocation of letters
Sec. 7. If at any time a personal representative fails to give a bond
as required by the court, within the time fixed by the court, some
other person shall be appointed in his stead. If letters have been
issued, they shall be revoked. (Formerly: Acts 1953, c.112, s.1107.) IC 29-1-11-8
Repealed
(Repealed by Acts 1975, P.L.288, SEC.51.)
IC 29-1-11-9 New bond; release of surety; accounting
Sec. 9. (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.)
IC 29-1-11-10 Breach of obligation; damages; intervention
Sec. 10. (a) The court may, on breach of the obligation of the
bond of the personal representative, after notice to the obligors in the
bond and to such other persons as the court directs, determine the
damages as a part of the proceeding for the administration of the
estate, and by appropriate proceeding enforce the collection thereof
from those liable on the bond. Such determination and enforcement
may be made by the court upon its own motion or upon application
of a successor personal representative, or of any other personal
representative, or of any other interested person. The court may hear
the application at time of settling the accounts of the defaulting
personal representative or at such other time as the court may direct.
Damages shall be assessed on behalf of all interested persons and
may be paid over to the successor or other non-defaulting personal
representative and distributed as other assets held by the personal
representative in his official capacity.
(b) The bond of the personal representative shall not be void upon
the first recovery, but may be proceeded upon from time to time until
the whole penalty is exhausted.
(c) If the court has already determined the liability of the personal
representative, the sureties shall not be permitted thereafter to deny
such liability in any action or hearing to determine their liability; but
the surety may intervene in any hearing to determine the liability of
the personal representative. (Formerly: Acts 1953, c.112, s.1110.)
IC 29-1-11-11 Validity; bound to full extent; action on defective bond
Sec. 11. No surety bond entered into under the provisions of this
article shall be void for want of form or substance or recital or
condition nor the principal or surety be discharged, but the principal
and surety shall be bound by such bond to the full extent
contemplated by the law requiring the same and the sureties to the
amount specified in the bond. In all actions on a defective bond the
plaintiff or relator may suggest the defect in his complaint and
recover to the same extent as if such bond complied with the law
requiring the same. (Formerly: Acts 1953, c.112, s.1111.) As amended by Acts 1982,
P.L.171, SEC.33.
IC 29-1-11
Chapter 11. Bond of Personal Representative
IC 29-1-11-1 Conditions requiring execution and filing
Sec. 1. A personal representative is not required to execute and
file a bond relating to the duties of his office unless:
(1) the will provides for the execution and filing of such a bond;
or
(2) the court finds, on its own motion or on petition by an
interested person, that a bond is necessary to protect creditors, heirs,
legatees, or devisees. (Formerly: Acts 1953, c.112, s.1101; Acts 1971, P.L.408, SEC.1;
Acts 1975, P.L.288, SEC.17.)
IC 29-1-11-2 Deposit of money or assets; withdrawal
Sec. 2. It shall be lawful for the personal representative to agree
with his surety for the deposit of any or all money and other assets
of the estate with a bank, safe deposit or trust company, authorized
by law to do business as such, or other depository approved by the
court, if such deposit is otherwise proper, in such manner as to
prevent the withdrawal of such moneys or other assets without the
written consent of the surety, or on order of the court made on such
notice to the surety as the court may direct. (Formerly: Acts 1953, c.112, s.1102.)
IC 29-1-11-3 Run to state; joint and several liability; conflict of laws
Sec. 3. The bond of the personal representative shall run to the
state of Indiana to the use of all persons for whose benefit it was
given under the provision of this article and shall be for the security
and benefit of such persons. The sureties shall be jointly and
severally liable with the personal representative and with each other.
The provisions of this section shall not change the rights of the
sureties under other statutes or under the law. (Formerly: Acts 1953, c.112, s.1103.) As amended by Acts 1982,
P.L.171, SEC.31.
IC 29-1-11-4 Joint representatives; personal representative as surety
Sec. 4. When two (2) or more persons are appointed personal
representatives of the same estate and are required by the provisions
of this article to give a bond, the court may require either a separate
bond from each or one (1) bond from all of them. No personal
representative shall be deemed a surety for another personal
representative unless the terms of the bond so provide. (Formerly: Acts 1953, c.112, s.1104.) As amended by Acts 1982,
P.L.171, SEC.32. IC 29-1-11-5 Affidavit of surety; value of property
Sec. 5. Each personal surety shall execute and file with the court
an affidavit that he owns real property, subject to execution, of a
value over and above his liabilities, equal to the amount of the bond,
and shall include in such affidavit the total amount of his obligations
as surety on other official or statutory bonds.
If the amount of the bond exceeds $1,000, the affidavit shall also
state:
(a) An adequate description of the real property within this state
offered by him as security.
(b) The total amount of the liens, unpaid taxes, other bonds
executed and other encumbrances on the property so offered by him
as security.
(c) The assessed and market value of such property and the value
of the surety's equity over and above all encumbrances, liens, and
unpaid taxes.
(d) That the equity in such property so offered is equal to the
amount of the bond.
The only provision of this section which shall apply in counties
in this state having a population of less than fifty thousand (50,000)
according to the last preceding United States census, is the provision
that each personal surety shall execute and file with the court an
affidavit that he owns real property, subject to execution, of a value
over and above his liabilities, including contingent liabilities equal
to the amount of the bond. (Formerly: Acts 1953, c.112, s.1105.)
IC 29-1-11-6 Sufficiency; value of assets; evidence of title
Sec. 6. No bond of a personal representative shall be deemed
sufficient unless it shall have been examined and approved as
required by law, and the approval endorsed thereon in writing.
Before giving approval the court, judge, commissioner, or clerk may
require evidence as to the value and character of the assets of
personal sureties, including an abstract, certificate or other
satisfactory evidence of title of every tract of real property which is
offered as security. In the event that the bond is not approved, the
personal representative shall, within such time as may be directed,
secure a bond with satisfactory surety or sureties. (Formerly: Acts 1953, c.112, s.1106.)
IC 29-1-11-7 Failure to give bond; successor; revocation of letters
Sec. 7. If at any time a personal representative fails to give a bond
as required by the court, within the time fixed by the court, some
other person shall be appointed in his stead. If letters have been
issued, they shall be revoked. (Formerly: Acts 1953, c.112, s.1107.) IC 29-1-11-8
Repealed
(Repealed by Acts 1975, P.L.288, SEC.51.)
IC 29-1-11-9 New bond; release of surety; accounting
Sec. 9. (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.)
IC 29-1-11-10 Breach of obligation; damages; intervention
Sec. 10. (a) The court may, on breach of the obligation of the
bond of the personal representative, after notice to the obligors in the
bond and to such other persons as the court directs, determine the
damages as a part of the proceeding for the administration of the
estate, and by appropriate proceeding enforce the collection thereof
from those liable on the bond. Such determination and enforcement
may be made by the court upon its own motion or upon application
of a successor personal representative, or of any other personal
representative, or of any other interested person. The court may hear
the application at time of settling the accounts of the defaulting
personal representative or at such other time as the court may direct.
Damages shall be assessed on behalf of all interested persons and
may be paid over to the successor or other non-defaulting personal
representative and distributed as other assets held by the personal
representative in his official capacity.
(b) The bond of the personal representative shall not be void upon
the first recovery, but may be proceeded upon from time to time until
the whole penalty is exhausted.
(c) If the court has already determined the liability of the personal
representative, the sureties shall not be permitted thereafter to deny
such liability in any action or hearing to determine their liability; but
the surety may intervene in any hearing to determine the liability of
the personal representative. (Formerly: Acts 1953, c.112, s.1110.)
IC 29-1-11-11 Validity; bound to full extent; action on defective bond
Sec. 11. No surety bond entered into under the provisions of this
article shall be void for want of form or substance or recital or
condition nor the principal or surety be discharged, but the principal
and surety shall be bound by such bond to the full extent
contemplated by the law requiring the same and the sureties to the
amount specified in the bond. In all actions on a defective bond the
plaintiff or relator may suggest the defect in his complaint and
recover to the same extent as if such bond complied with the law
requiring the same. (Formerly: Acts 1953, c.112, s.1111.) As amended by Acts 1982,
P.L.171, SEC.33.
