Nevada Revised Statutes Title 23. Public Officers and Employees § 282.160. Liability of sureties for ratable proportion; release of surety on payment of pro rata liability; limitation on amount of judgment

1. If the official bond of the State Treasurer or any county or township officer becomes insufficient by reason of the insolvency of any of the sureties thereon, or from any other cause, so that it does not contain at least two good and sufficient sureties for the whole penal sum named in the bond, and any liability occurs or becomes fixed by reason of the defalcation, omission, neglect, misconduct or any act of the officer who is the principal in the bond, then any surety or sureties, upon the payment of the surety's ratable proportion of the liability on such bond, shall be released from all further liability thereon, so far as any loss to the State or county wherein such officer held office is concerned.

2. Such ratable proportion shall be ascertained by considering each of the sureties on the bond as solvent, liable and able to contribute the surety's proportion of the whole amount of liability incurred on the bond.

3. The State Board of Examiners, in the case of the State Treasurer, or the boards of county commissioners of the several counties, in the case of county officers, shall in such cases, make settlement with any or all such sureties who propose to pay and do pay their ratable proportions of the liability accrued on the bond.

4. Any surety or sureties neglecting or refusing to pay such ratable proportion, or defending an action for the recovery of any liability on any official bond, is subject to such prosecution, judgments and penalties as are provided for by law; but no judgment shall be rendered against such surety or sureties for an amount above the surety's pro rata liability on such bond, and costs of suit.