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Current as of January 01, 2024 | Updated by FindLaw Staff
1. The following requirements and provisions apply to any bond required under section 30.1-29-11:
a. Unless otherwise provided by the terms of the approved bond, sureties are jointly and severally liable with the conservator and with each other.
b. By executing an approved bond of a conservator, the surety consents to the jurisdiction of the court which issued letters to the primary obligor in any proceeding pertaining to the fiduciary duties of the conservator and naming the surety as a party defendant. 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.
c. On petition of a successor conservator or any interested person, a proceeding may be initiated against a surety for breach of the obligation of the bond of the conservator.
d. The bond of the conservator is not void after the first recovery but may be proceeded against from time to time until the whole penalty is exhausted.
2. No 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.
Cite this article: FindLaw.com - North Dakota Century Code Title 30.1. Uniform Probate Code § 30.1-29-12. (5-412) Terms and requirements of bonds - last updated January 01, 2024 | https://codes.findlaw.com/nd/title-30-1-uniform-probate-code/nd-cent-code-sect-30-1-29-12/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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