2013 Kentucky Revised Statutes CHAPTER 379 - VOLUNTARY ASSIGNMENTS 379.030 Bond of assignee -- Appointment of another on failure to qualify -- On failure to furnish additional security.
Download as PDF
379.030 Bond of assignee -- Appointment of another on failure to qualify -- On
failure to furnish additional security.
(1)
(2)
The assignee shall, when the deed of assignment is lodged for record or within
seven (7) days thereafter, execute a bond with good security, approved by the
District Court, conditioned upon the faithful discharge of his duties as assignee.
The bond shall be recorded in the court clerk's office. If the person named in
the deed as assignee fails for any cause within the time named to qualify or to
execute a sufficient bond, the District Court shall, by order entered of record,
appoint an assignee who shall, within five (5) days, give bond with good surety,
and who shall thereupon be vested with the same rights, powers and
responsibilities with respect to the estate assigned as if named in the deed.
The court may at any time, upon its own motion or upon motion of any party in
interest and after ten (10) days' notice to the assignee, require him to execute a
new bond or give additional security if the original bond is not sufficient. If the
assignee fails or refuses to execute a new bond or give additional security
within the time allowed by the court, the court shall, by an order entered of
record, remove the assignee and appoint another in his stead. The newly
appointed assignee shall execute bond in the same manner as the original
assignee and proceed to settle up the estate, and to this end he may institute
any necessary proceedings against the former assignee and his sureties.
Effective:January 2, 1978
History: Amended 1976 (1st Extra. Sess.) Ky. Acts ch. 14, sec. 291, effective
January 2, 1978. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October
1, 1942, from Ky. Stat. secs. 76, 77.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.