Current through 2023-2024 Legislative Session Chapters 1-374, 376-386, 393, 394, 397, 398, 406-412, 414, 415, 421, 424, 427, 429, 430, 432-456, 460, 461, 471, 473, 475, 478, 480, 483, 484, 488, 490
Section 29-3-41 - Requirements of bond; term and value of bond; appointment without bond; substantial compliance sufficient(a) The bond of a conservator shall be:(1) Secured by an individual who is a domiciliary of this state or by a licensed commercial surety authorized to transact business in this state;(2) Payable to the court for the benefit of the minor;(3) Conditioned upon the faithful discharge of the conservator's duty, as is required by law; and(4) Attested by the judge or clerk of the court.(b) The court may order a conservator who is required to give bond to post bond for a period of time greater than one year, as may be appropriate in the circumstances. A surety on a bond posted pursuant to this subsection shall not be relieved of liability merely because of the expiration of the term of the bond but shall be subject to the provisions of law for the discharge of a surety applicable to other bonds.(c) Except as provided in subsection (d) of this Code section, the bond shall be in a value equal to double the estimated value of the minor's estate; provided, however, that the bond shall be in an amount equal to the estimated value of the estate if secured by a licensed commercial surety authorized to transact business in this state. The value of the estate for purposes of the bond shall be determined without regard to the value of any real property or improvements thereon but, upon conversion of the real property into personal property, a bond shall be given based upon the value of the estate, including the value of the personal property into which the real property was converted.(d) When the assets of the estate consist of only one or more choses in action of indeterminate value, no bond shall be required until the value of any such chose in action is able to be determined by settlement or judgment, whereupon bond shall be set in an amount to be determined in accordance with subsection (c) of this Code section; provided, however, that a conservator appointed without bond pursuant to this subsection shall have no authority to receive assets of the minor's estate other than a chose or choses in action until such conservator has posted bond in accordance with this Code section. As used in this subsection, the term "chose in action" shall have the same meaning as provided in Article 2 of Chapter 12 of Title 44.(e) Substantial compliance with these requirements for the bond shall be deemed sufficient; and no bond shall be declared invalid by reason of any variation from these requirements as to payee, amount, or condition, where the manifest intention was to give bond as conservator and a breach of the fiduciary's duty as such has been proved.Amended by 2022 Ga. Laws 745,§ 5, eff. 5/2/2022.Added by 2004 Ga. Laws 460, § 1, eff. 7/1/2005.