(a) The following requirements and provisions apply to any bond required under Alaska Stat. § 13.26.470:
Terms Used In Alaska Statutes 13.26.475
action: includes any matter or proceeding in a court, civil or criminal. See Alaska Statutes 01.10.060
Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
Fiduciary: A trustee, executor, or administrator.
Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
person: includes a corporation, company, partnership, firm, association, organization, business trust, or society, as well as a natural person. See Alaska Statutes 01.10.060
(1) unless otherwise provided by the terms of the approved bond, sureties are jointly and severally liable with the conservator and with each other;(2) by executing an approved bond of a conservator, the surety consents to the jurisdiction of the court which issued letters to the primary obligor in any proceeding pertaining to the fiduciary duties of the conservator and naming the surety as a party defendant; notice of any proceeding shall be delivered to the surety or mailed by registered or certified mail to the surety at the address as listed with the court where the bond is filed and to the surety’s address as then known to the petitioner;(3) on petition of a successor conservator or any interested person, a proceeding may be initiated against a surety for breach of the obligation of the bond of the conservator;(4) the bond of the conservator is not void after the first recovery but may be proceeded against from time to time until the whole penalty is exhausted.(b) A proceeding may not be commenced against the surety on any matter as to which an action or proceeding against the primary obligor is barred by adjudication or limitation.
