Missouri Laws 473.207 – Execution of bond deemed appearance by surety — procedure on breach of ..
1. The execution of the bond of a personal representative is deemed an appearance by the surety in the proceeding for the administration of the estate including all hearings with respect to the bond.
2. On breach of the obligation of the bond of the personal representative, the court, after notice to the obligors in the bond and to such other persons as the court directs, may summarily determine the damages as a part of the proceeding for the administration of the estate, and by appropriate process enforce the collection thereof from those liable on the bond. The determination and enforcement may be made by the court upon its own motion or upon application of a successor personal representative, or of any other personal representative, or of any other interested person. The court may hear the application at the time of settling the accounts of the defaulting personal representative or at such other time as the court may direct. Damages shall be assessed on behalf of all interested persons and may be paid over to the successor or other nondefaulting personal representative and distributed as other assets held by the personal representative in his official capacity.
Terms Used In Missouri Laws 473.207
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- following: when used by way of reference to any section of the statutes, mean the section next preceding or next following that in which the reference is made, unless some other section is expressly designated in the reference. See Missouri Laws 1.020
- 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: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Missouri Laws 1.020
3. If the court has already determined the liability of the personal representative, a surety shall not be permitted thereafter to deny liability in any action or hearing to determine their liability; but the surety may intervene in any hearing to determine the liability of the personal representative.
4. The provisions of subsections 1, 2, and 3 of this section shall apply to a depositary which has executed a certification pursuant to section 473.160.
5. In assessing damages pursuant to this section, the court may apportion the losses sustained between the depositary and the obligors on the bond of the personal representative on the following basis:
(1) Those damages sustained as a result of the failure of the depositary to hold the assets delivered to it in restricted custody shall be assessed against the depositary and the personal representative, together with that proportion of the consequential damages determined to have resulted by reason of such failure;
(2) All other damages sustained as a result of the breach of the obligation of the bond shall be assessed against the obligors on the bond.