Spec Pro Class 2020

SECTION 1 Bond to be given before issuance of letters amount.

 

Conditions

Before a guardian appointed enters upon the execution of his trust, or letters of guardianship issue, he shall give bond, in such sum as the court directs, conditioned as follows:

 

(a) to make and return to the court, within three (3) months, a true and complete inventory of all the estate, real and personal, of his ward which shall come to his possession or knowledge or to the possession or knowledge of any other person for him;

 

b) to faithfully execute the duties of his trust, to manage and dispose of the estate according to these rules for the best interests of the ward, and to provide for the proper care, custody and education of the ward;

 

(c) to render a true and just account of all the estate of the ward in his hands and of all proceeds or interest derived there from, and of the management and disposition of the same, at the time designated by these rules and such other times as the court directs and at the expiration of his trust to settle his accounts with the court and deliver and pay over all the estates, effects and moneys remaining in his hands, or due from him on such settlement, to the person lawfully entitled thereto;

 

(d) to perform all orders of the court by him to be performed.

 

WHAT IS THE PURPOSE OF THE BOND?

          For the protection of the property of the minor or incompetent to the end that he may be assured of an honest administration of his fund.

 

WHAT IS THE NECESSITY OF THE BOND?

          When required by statutes to give a bond, no person can qualify and act as a guardian without complying with the condition precedeny.

 

TIME WHEN BOND TAKES EFFECT?

          At the time of appointment notwithstanding the bond may have been filed later.

 

SECTION 2 When new bond may be required and the old sureties discharged.

 

• Whenever it is deemed necessary, the court may require a new bond to be given by the guardian and may discharge the sureties on the old bond from further liability. 

 

SECTION 3 Bonds to be filed. Actions thereon.

 

• Every bond given by a guardian shall be filed in the office of the Clerk of Court

 

• In case of breach of the bond’s conditions, the bond may be prosecuted in the same proceeding or in a separate action for the use and benefit of the ward or of any person legally interested in the estate.