14-3606. Terms and conditions of bonds
A. The following requirements and provisions apply to any bond required by this
article:
1. Bonds shall name the state 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 him by registered or certified mail at his address as listed with the court
where the bond is filed and to his 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 is not void after the first recovery but
may be proceeded against from time to time until the whole penalty is exhausted.
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.
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