RULE 9

4:

BONDS OF

GUARDIANS

KRISTINA C. DE VERA

Before an appointed guardian enters upon the execution of his trust, he shall give a BOND. (Sec. 1 Rule 94).

PURPOSE OF THE BOND

Guardians are required to furnish a bond for the protection of the properties of the minor. It is required for an honest administration of his fund until the ward reached the age of majority. It serve as security to those interested in the property settlement of the estate.

NECESSITY FOR BONDBond is required to ensure faithful performance of the guardian of his duties. He cannot qualify as a guardian nor take possession and control the property without complying to the bond required.

AMOUNT OF THE BONDThe amount of the bond must be fixed by the court with reference to the estate.

The court is not bound by the allegations as to the value of the estate.

WHEN SHOULD BOND TAKE EFFECT?

The bond is deem effective from the date of the appointment of the guardian. Notwithstanding whether the bond is filed later.

TERMINATION OF THE GUARDIANSHIP Upon the termination of the

trust, guardian is required to settle his account to the court and deliver and pay over the estate or money remaining in his hands to the person lawfully entitled thereto.

WHEN A NEW BOND MAY BE REQUIRED?

A new bond may be required when the guardian is about to receive funds not in contemplation when the original bond was executed and should be given as a consideration of the payment of legacy.

SURETY BOND

a bond issued by surety who guarantees performance should the obligated party fail to meet its obligations.

LIABILITY OF THE SURETIESResponsibility of the sureties must depend upon the extent of the obligation created by the terms of the bond.It shall continue until the obligations of the guardian are fulfilled.

DUTY OF THE SURETY

The duty of the guardian’s surety is to assure that the conditions are fulfilled by the guardian.

END OF PRESENTATION

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