2007 Minnesota Statutes
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Chapter 524
Section 524.5-416
Recent History
- 2020 524.5-416 Amended 2020 c 86 art 1 s 33
- 2015 524.5-416 Amended 2015 c 11 s 2
- 2003 524.5-416 New 2003 c 12 art 1 s 55
This is an historical version of this statute chapter. Also view the most recent published version.
524.5-416 TERMS AND REQUIREMENTS OF BOND.
(a) The following rules apply to any bond required:
(1) Except as otherwise provided by the terms of the bond, sureties and the conservator are
jointly and severally liable.
(2) By executing the bond of a conservator, a surety submits to the jurisdiction of the court
that issued letters to the primary obligor in any proceeding pertaining to the fiduciary duties of
the conservator in which the surety is named as a party. Notice of any proceeding must be sent
or delivered to the surety at the address shown in the court records at the place where the bond
is filed and to any other address then known to the petitioner.
(3) On petition of a successor conservator or any interested person, a proceeding may be
brought against a surety for breach of the obligation of the bond of the conservator.
(4) The bond of the conservator may be proceeded against until liability under the bond is
exhausted.
(b) A proceeding may not be brought against a surety on any matter as to which an action or
proceeding against the primary obligor is barred.
History: 2003 c 12 art 1 s 55
(a) The following rules apply to any bond required:
(1) Except as otherwise provided by the terms of the bond, sureties and the conservator are
jointly and severally liable.
(2) By executing the bond of a conservator, a surety submits to the jurisdiction of the court
that issued letters to the primary obligor in any proceeding pertaining to the fiduciary duties of
the conservator in which the surety is named as a party. Notice of any proceeding must be sent
or delivered to the surety at the address shown in the court records at the place where the bond
is filed and to any other address then known to the petitioner.
(3) On petition of a successor conservator or any interested person, a proceeding may be
brought against a surety for breach of the obligation of the bond of the conservator.
(4) The bond of the conservator may be proceeded against until liability under the bond is
exhausted.
(b) A proceeding may not be brought against a surety on any matter as to which an action or
proceeding against the primary obligor is barred.
History: 2003 c 12 art 1 s 55
Official Publication of the State of Minnesota
Revisor of Statutes