62.120 Failure to give new bond.

210 words·~1 min read·/ky/chapter-62/62-120

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)If a new bond is not given on the day named in the notice or fixed by the court, the

party moved against shall, if he is an officer, be at once removed from office. If he

is not an officer his powers shall be revoked and he shall be deprived of all right

further to act in discharge of the duties or functions of the trust, post or

employment. The court shall make all needful orders for the protection of the surety

and for the benefit of the estate or trust which had been confided to the principal.

(2)If a new bond is not given within thirty

(30)days after the day named in the notice

the surety shall be automatically released from all further liability and shall not be

responsible for any acts of default of the principal thereafter done, notwithstanding

a failure to remove the principal from office or to revoke his powers.

(3)If the notice and motion is made by a surety on a bond for costs and a new bond is

not executed within the time fixed by the court, the action shall be dismissed. If a

new bond is executed, the liability of the former surety shall cease upon its

execution.