State Codes and Statutes
Statutes > Ohio > Title21 > Chapter2109 > 2109_17
2109.17 Sureties.
If the bond of a fiduciary is executed by personal sureties, one or more of such sureties shall be a resident of the county in which such fiduciary applies for appointment. The sureties shall own real property worth double the sum to be secured, over and above all encumbrances, and shall have property in this state liable to execution equal to the sum to be secured. When two or more sureties are offered on the same bond they must have in the aggregate the qualifications prescribed in this section. Such sureties shall qualify under oath and may be required to exhibit to the probate court satisfactory evidence of the ownership of such real property.
No corporate surety shall be acceptable on a fiduciary’s bond in such court unless such surety is acceptable to the United States government on surety bonds in like amount, as shown by the regulations issued by the secretary of the treasury of the United States, or in any other manner, to the satisfaction of the court. Such surety shall also be qualified to do business in this state.
A surety on the bond of a fiduciary shall not be held liable for any debt of such fiduciary to the estate represented by him existing at the time such fiduciary was appointed; but such surety shall be liable to the extent that such debt has been made uncollectible by wrongful act of such fiduciary after appointment.
Effective Date: 10-01-1953
