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577.05 ASSIGNEE'S BOND.
Before entering upon the trust duties, and not later than five days after the filing of such
schedule, the assignee shall file with the court administrator a bond to the state, to be approved
by a judge of such court, in an amount at least double the value of the estate assigned, as shown
by the inventory, if filed, and, if not, by affidavit of the debtor, conditioned for the faithful
performance of the duties. At any time thereafter, in its discretion, the court may require the
assignee to give a new or an additional bond. When the assignee fails to perform any of the duties
as such, or to comply with any order of the court, upon leave of the court first obtained, any
creditor may bring an action upon such bond to obtain satisfaction of the creditor's claim.
History: (9786) RL s 4615; 1986 c 444; 1Sp1986 c 3 art 1 s 82