62.060 Bonds of officers, depositories and fiduciaries -- Form -- Conditions --
228 words·~1 min read·
/ky/62-060A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Amount -- Renewal.
(1)Except as provided by KRS 395.130, the bond required by law to be executed and
given by any public official, depository of public funds, or any fiduciary, and other
bond required by law for the discharge or performance of any public or fiducial
office, trust or employment, shall be a covenant to the Commonwealth of Kentucky
from the principal and surety or sureties that the principal will faithfully discharge
his duties, and there shall be no other obligation in the bond. The bond shall be
limited in a definite penal sum, which shall be determined and fixed by the officer
or officers whose duty it is to approve the bond. The bond of each fiduciary shall be
fixed in a penal sum of not less than the estimated value of the estate which the
fiduciary is in charge of. The officer or officers taking any bond mentioned in this
section may, at any time when it appears to be to the interest of the obligee, increase
the penal sum of the bond or require a renewal thereof with other or additional
sureties.
(2)A bond or obligation taken in any form other than that required by subsection
shall be binding on the parties thereto according to its terms.
(3)This section shall not apply to bonds given pursuant to KRS 62.160 to 62.200.