CHAPTER 11. BOND OF PERSONAL REPRESENTATIVE

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 andfile 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 aninterested 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 agreewith his surety for the deposit of any or all money and other assetsof the estate with a bank, safe deposit or trust company, authorizedby law to do business as such, or other depository approved by thecourt, if such deposit is otherwise proper, in such manner as toprevent the withdrawal of such moneys or other assets without thewritten consent of the surety, or on order of the court made on suchnotice 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 thestate of Indiana to the use of all persons for whose benefit it wasgiven under the provision of this article and shall be for the securityand benefit of such persons. The sureties shall be jointly andseverally liable with the personal representative and with each other.The provisions of this section shall not change the rights of thesureties 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 personalrepresentatives of the same estate and are required by the provisionsof this article to give a bond, the court may require either a separatebond from each or one (1) bond from all of them. No personalrepresentative shall be deemed a surety for another personalrepresentative 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 courtan affidavit that he owns real property, subject to execution, of avalue over and above his liabilities, equal to the amount of the bond,and shall include in such affidavit the total amount of his obligationsas surety on other official or statutory bonds.
    If the amount of the bond exceeds $1,000, the affidavit shall alsostate:
    (a) An adequate description of the real property within this stateoffered by him as security.
    (b) The total amount of the liens, unpaid taxes, other bondsexecuted and other encumbrances on the property so offered by himas security.
    (c) The assessed and market value of such property and the valueof the surety's equity over and above all encumbrances, liens, andunpaid taxes.
    (d) That the equity in such property so offered is equal to theamount of the bond.
    The only provision of this section which shall apply in countiesin this state having a population of less than fifty thousand (50,000)according to the last preceding United States census, is the provisionthat each personal surety shall execute and file with the court anaffidavit that he owns real property, subject to execution, of a valueover and above his liabilities, including contingent liabilities equalto 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 deemedsufficient unless it shall have been examined and approved asrequired by law, and the approval endorsed thereon in writing.Before giving approval the court, judge, commissioner, or clerk mayrequire evidence as to the value and character of the assets ofpersonal sureties, including an abstract, certificate or othersatisfactory evidence of title of every tract of real property which isoffered as security. In the event that the bond is not approved, thepersonal 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 bondas required by the court, within the time fixed by the court, someother person shall be appointed in his stead. If letters have beenissued, 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 personalrepresentative or other fiduciary may petition the court approvingsuch bond to be released therefrom. Ten (10) days' notice thereofshall 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. Uponfailure to file such a new bond with the time fixed, the principal shallbe forthwith removed by the court. In either event the principal shallfile an accounting covering his acts to date. As soon as said newbond is filed or said principal removed, the surety shall be releasedfrom any liability for the acts or omissions of the principal thereafteroccurring, 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 approvingsuch bond to terminate further liability on such bond and to releasethe surety or sureties thereon from all further liability and offer anew bond in an amount and with sureties as required by law and filean accounting covering his acts to the date thereof. Ten (10) days'notice of such application shall be given the sureties. Upon theapproval of the accounting and the new bond, the court shall enter anorder discharging the original sureties from all liability upon saidbond for acts or omissions of the principal thereafter occurring, butthey shall remain liable on said former bond for prior acts andomissions.
(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 thebond of the personal representative, after notice to the obligors in thebond and to such other persons as the court directs, determine thedamages as a part of the proceeding for the administration of theestate, and by appropriate proceeding enforce the collection thereoffrom those liable on the bond. Such determination and enforcementmay be made by the court upon its own motion or upon applicationof a successor personal representative, or of any other personalrepresentative, or of any other interested person. The court may hearthe application at time of settling the accounts of the defaultingpersonal representative or at such other time as the court may direct.Damages shall be assessed on behalf of all interested persons andmay be paid over to the successor or other non-defaulting personalrepresentative and distributed as other assets held by the personalrepresentative 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 untilthe whole penalty is exhausted.
    (c) If the court has already determined the liability of the personalrepresentative, the sureties shall not be permitted thereafter to denysuch liability in any action or hearing to determine their liability; butthe surety may intervene in any hearing to determine the liability ofthe 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 thisarticle shall be void for want of form or substance or recital orcondition nor the principal or surety be discharged, but the principaland surety shall be bound by such bond to the full extentcontemplated by the law requiring the same and the sureties to theamount specified in the bond. In all actions on a defective bond theplaintiff or relator may suggest the defect in his complaint andrecover to the same extent as if such bond complied with the lawrequiring the same.
(Formerly: Acts 1953, c.112, s.1111.) As amended by Acts 1982,P.L.171, SEC.33.