South Carolina Code 62-5-410. Terms and requirements of bonds
(1) Sureties must be jointly and severally liable with the conservator and with each other.
Terms Used In South Carolina Code 62-5-410
- 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.
- Summons: Another word for subpoena used by the criminal justice system.
(2) By executing an approved bond of a conservator, the surety consents to the jurisdiction of the court in any proceeding pertaining to the fiduciary duties of the conservator and naming the surety as a party defendant. Notice of any proceeding must be delivered to the surety or mailed to him by registered or certified mail at his address that is listed with the court where the bond is filed or to his address as then known to the petitioner.
(3) After service of a summons and petition by a successor conservator, or upon the court’s own motion, a proceeding may be initiated against a surety for breach of the obligation of the bond of the conservator.
(4) Subject to applicable statutes of limitation, 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) No proceeding may 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.