379.030 Bond of assignee -- Appointment of another on failure to qualify -- On
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/ky/379-030A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
failure to furnish additional security.
(1)The assignee shall, when the deed of assignment is lodged for record or within
seven
(7)days thereafter, execute a bond with good security, approved by the
District Court, conditioned upon the faithful discharge of his duties as assignee. The
bond shall be recorded in the court clerk's office. If the person named in the deed as
assignee fails for any cause within the time named to qualify or to execute a
sufficient bond, the District Court shall, by order entered of record, appoint an
assignee who shall, within five
(5)days, give bond with good surety, and who shall
thereupon be vested with the same rights, powers and responsibilities with respect
to the estate assigned as if named in the deed.
(2)The court may at any time, upon its own motion or upon motion of any party in
interest and after ten
(10)days' notice to the assignee, require him to execute a new
bond or give additional security if the original bond is not sufficient. If the assignee
fails or refuses to execute a new bond or give additional security within the time
allowed by the court, the court shall, by an order entered of record, remove the
assignee and appoint another in his stead. The newly appointed assignee shall
execute bond in the same manner as the original assignee and proceed to settle up
the estate, and to this end he may institute any necessary proceedings against the
former assignee and his sureties.