§560:3-606  Terms and conditions of
bonds.  (a)  The following requirements and provisions apply to any bond
required by this part:



(1)  Bonds shall name the presiding judge and the
judge's 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 probate 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 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;



(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;



(6)  No bond hereunder shall be conditioned so as to
relieve the surety from liability either on account of any breach by the
personal representative of the personal representative's duties to the court,
the registrar, the estate or interested persons, or on account of a failure by
the personal representative to perform the acts or duties required of the
personal representative by this chapter, and any provision of a bond which
seeks to so limit the surety's liability shall be void and of no effect.



(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. [L 1996, c 288, pt
of §1]