1. Before a next friend or guardian ad litem can receive or receipt for any money or property, personal or real, and before he can acknowledge satisfaction or discharge of any judgment, he must execute a bond to such infant; except, that no bond shall be required if the total value of the property or money, exclusive of expenses and fees approved by the court, is not in excess of ten thousand dollars and all of the money or property is to be turned over to the infant or his parent. The bond must be approved by the court or the clerk thereof and shall be conditioned that the next friend or guardian ad litem shall account to the infant for all money or property which has or does come into his hands, less only those expenses and attorney fees the payment of which has been approved by order of the court. The bond shall be in an amount equal to the value of the money or property if the surety is a corporate bonding, surety or insurance company, and in an amount double the value of the money or property if the surety is not a corporate bonding, surety or insurance company, in which event there shall be two sureties. In either event, the surety or sureties shall be approved by the court or clerk thereof before the bond can be approved.

2. Failure to execute such approved bond with approved surety or sureties when required under the provisions of subsection 1 of this section shall, upon receipt by a next friend or guardian ad litem of any money or property for or on behalf of such minor, immediately render such next friend or guardian ad litem personally liable to the minor for a penal sum in an amount double the value of the money or property and also shall render absolutely void and of no effect any release, receipt or acknowledgment of satisfaction or discharge of any judgment which has or is in the future made or executed by the next friend or guardian ad litem.

3. The next friend’s duties or guardian ad litem’s duties and his obligations under the bond shall continue until he is discharged therefrom by order of the court.