Kentucky Statutes 62.060 – Bonds of officers, depositories and fiduciaries — Form — Conditions — Amount — Renewal
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(1) Except as provided by KRS § 395.130, the bond required by law to be executed and given by any public official, depository of public funds, or any fiduciary, and other bond required by law for the discharge or performance of any public or fiducial office, trust or employment, shall be a covenant to the Commonwealth of Kentucky from the principal and surety or sureties that the principal will faithfully discharge his duties, and there shall be no other obligation in the bond. The bond shall be limited in a definite penal sum, which shall be determined and fixed by the officer or officers whose duty it is to approve the bond. The bond of each fiduciary shall be fixed in a penal sum of not less than the estimated value of the estate which the fiduciary is in charge of. The officer or officers taking any bond mentioned in this section may, at any time when it appears to be to the interest of the obligee, increase the penal sum of the bond or require a renewal thereof with other or additional sureties.
(2) A bond or obligation taken in any form other than that required by subsection (1)
shall be binding on the parties thereto according to its terms.
(3) This section shall not apply to bonds given pursuant to KRS § 62.160 to KRS § 62.200.
History: Amended 1972 Ky. Acts ch. 203, sec. 3. — Amended 1946 Ky. Acts ch. 27, sec. 6. — Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secs.186d-1, 3751.
(2) A bond or obligation taken in any form other than that required by subsection (1)
Terms Used In Kentucky Statutes 62.060
- Fiduciary: A trustee, executor, or administrator.
- 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.
- public funds: means sums actually received in cash or negotiable instruments from all sources unless otherwise described by any state agency, state- owned corporation, university, department, cabinet, fiduciary for the benefit of any form of state organization, authority, board, bureau, interstate compact, commission, committee, conference, council, office, or any other form of organization whether or not the money has ever been paid into the Treasury and whether or not the money is still in the Treasury if the money is controlled by any form of state organization, except for those funds the management of which is to be reported to the Legislative Research Commission pursuant to KRS §. See Kentucky Statutes 446.010
shall be binding on the parties thereto according to its terms.
(3) This section shall not apply to bonds given pursuant to KRS § 62.160 to KRS § 62.200.
History: Amended 1972 Ky. Acts ch. 203, sec. 3. — Amended 1946 Ky. Acts ch. 27, sec. 6. — Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secs.186d-1, 3751.