O.C.G.A. § 29-5-41 (2019)
Terms of conservator’s bond; timing; value; substantial compliance sufficient
(a) The bond of a conservator shall be:
(1) Secured by an individual who is a domiciliary of this state or by a licensed commercial surety authorized to transact business in this state;
(2) Payable to the court for the benefit of the ward;
(3) Conditioned upon the faithful discharge of the conservator’s duty, as such is required by law; and
(4) Attested by the judge or clerk of the court.
(b) The court may order a conservator who is required to give bond to post bond for a period of time greater than one year, as may be appropriate in the circumstances. A surety on a bond posted pursuant to this subsection shall not be relieved of liability merely because of the expiration of the term of the bond but shall be subject to the provisions of law for the discharge of a surety applicable to other bonds.
(c) The bond shall be in a value equal to double the estimated value of the ward’s estate; provided, however, that the bond shall be in an amount equal to the estimated value of the estate if secured by a licensed commercial surety authorized to transact business in this state. The value of the estate for purposes of the bond shall be determined without regard to the value of any real property or improvements thereon; but, upon conversion of the real property into personal property, a bond shall be given based upon the value of the estate including the value of the personal property into which the real property was converted.
(d) Substantial compliance with these requirements for the bond shall be deemed sufficient; and no bond shall be declared invalid by reason of any variation from these requirements as to payee, amount, or condition, where the manifest intention was to give bond as conservator and a breach of the fiduciary’s duty as such has been proved.
History
(Code 1981, § 29-5-41, enacted by Ga. L. 2004, p. 161, § 1; Ga. L. 2005, p. 60, § 29/HB 95.)
Annotations
Cross references. - Time limitation on bringing of actions against guardians, § 9-3-27. Statute of limitations for prose-
cution for conversion by guardian of property of ward, § 17-3-2.
JUDICIAL DECISIONS Editor’s notes. - In light of the similarity of the statutory provisions, decisions under former Civil Code 1895, § 2528, former Code 1873, § 1812, and former Code 1933, § 49-113 are included in the annotations for this Code section. Only substantial compliance with statutes in execution of bonds required. - Policy of the law as to all bonds required by statute, and especially as to bonds of guardians, administrators, and like trustees, is to disregard mere formalities, and to require only substantial compliance to secure all statutory remedies to persons injured by their breach. United States Fid. & Guar. Co. v. Davis, 2 Ga. App. 525, 58 S.E. 777 (1907) (decided under former Civil Code 1895, § 2528). Liability for punitive damages. - Conservator’s bond pursuant to O.C.G.A. § 29-5-40 et seq. does not cover punitive damages. Estate of Gladstone, No. S17G1472, 2018 Ga. LEXIS 292 (May 5, 2018). Judgment that a conservator’s bond covered punitive damages even though such damages were not expressly provided for under O.C.G.A. § 29-5-40 et seq. or under the provisions of the bond itself was reversed because a conservator’s bond pursuant to § 29-5-40 et seq. does not cover punitive damages. Estate of Gladstone, No. S17G1472, 2018 Ga. LEXIS 292 (May 5, 2018). Grant of letters without bond not void without notice. - In all cases of
appointment by ordinary (now judge of probate court) of guardian of a minor - whether the clerk of the superior court or some other proper person - bond should be required; but the grant of letters without taking bond would not be void as against a bona fide purchaser under the guardian, without notice of want of a bond. Cuyler v. Wayne, 64 Ga. 78 (1879) (decided under former Code 1873, § 1812). Commingling of funds and failure to account is breach. - Deposit of ward’s funds to individual account of guardian, and failure to account therefor, is per se a breach of bond. Hawes v. Standard Accident Ins. Co., 54 Ga. App. 776, 189 S.E. 59 (1936) (decided under former Code 1933, § 49-113). Void sale does not amount to breach. - Where sale of realty conducted by guardian is illegal and void, title to property sold does not pass, and heirs and distributees may assert their title to property so sold, so that there is no such loss to them as would amount to breach of bond of administrator and render surety thereon liable. Hawes v. Standard Accident Ins. Co., 54 Ga. App. 776, 189 S.E. 59 (1936) (decided under former Code 1933, § 49-113). Cited in Speck v. Speck, 42 Ga. App. 517, 156 S.E. 706 (1931); Kinsey v. Fidelity & Cas. Co., 53 Ga. App. 674, 187 S.E. 246 (1936); Tucker v. American Sur. Co., 191 F.2d 959 (5th Cir. 1951).
RESEARCH REFERENCES Am. Jur. 2d. - 39 Am. Jur. 2d, Guardian and Ward, §§ 67, 188 et seq. C.J.S. - 39 C.J.S., Guardian and Ward, §§ 13, 14, 35, 36, 50 et seq., 283 et seq. ALR. - Leave of court as prerequisite to action on statutory bond, 2 A.L.R. 563.
Liability of guardian for loss of funds deposited in bank in form which discloses trust or fiduciary character, 90 A.L.R. 641. Official bond of executor, administrator, guardian, or trustee as covering appeal taken by him, 132 A.L.R. 1280.