§560:3-606 - Terms and conditions of bonds.
§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]