Amount -- Renewal.
(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 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.
Notes of Decisions
Cited in
9
cases, 1947–2017 · leading case:
Miller v. Davis, 267 F. Supp. 3d 961 (E.D. Ky. 2017).
Miller v. Davis, 267 F. Supp. 3d 961 (E.D. Ky. 2017).
· cites it 2× “” Ky. Rev. Stat. Ann. § 62.060 . Actions may be brought on these bonds “for the discharge or performance of any public or fiducial office .”
Maratty v. Pruitt, 334 S.W.3d 107 (Ky. Ct. App. 2011).
· cites it 2× “” KRS 62.060. In this case, that issue is precluded by Pruitt’s heirs’ participation in the district court settlement.”
Vaughn v. Webb, 911 S.W.2d 273 (Ky. Ct. App. 1995).
· cites it 2× “In addition, KRS 62.060 provides, in part, 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.”
City of Middlesboro v. Am. Sur. Co., 211 S.W.2d 670 (Ky. Ct. App. 1947).
“” Counsel for appellants suggest that pursuant to KRS 62.060 the only character of bond required shall be a covenant from the principal and surety that the principal will faithfully discharge his duties and that there shall be no other obligation in the bond.”
Polk v. Am. Cas. Co. of Reading, PA., 816 S.W.2d 178 (Ky. 1991).
· cites it 3× “” This type of “bond” is referred to as a “performance bond” because KRS 62.060 states that such bonds, “required by law for the discharge or performance of any public or fiducial office,” shall require “the principal and surety or sureties [‘covenant’] that the principal will…”
City of Mboro. v. Amer. Sur. Co. of New York, 211 S.W.2d 670 (Ky. Ct. App. 1947).
“” Counsel for appellants suggest that pursuant to KRS 62.060 the only character of bond required shall be a covenant from the principal and surety that the principal will faithfully discharge his duties and that there shall be no other obligation in the bond.”
Commonwealth v. Slack, 291 S.W.2d 553 (Ky. Ct. App. 1956).
“* H= * ” The fact that KRS 62.060 provides that official bonds and fiduciary bonds shall con *556 tain the same covenant, namely, that “the principal will faithfully discharge his duties,” does not militate against the distinction made in the Abshire case, because the “duties”…”
Thornsberry v. W. Sur. Co., 738 F. Supp. 209 (E.D. Ky. 1990).
· cites it 3× “According to § 62.060 the obligee in official or statutory bonds is the Commonwealth of Kentucky.”
— Ky. Rev. Stat. § 62.060(1) — 2 cases
Maratty v. Pruitt, 334 S.W.3d 107 (Ky. Ct. App. 2011).
“” KRS 62.060. In this case, that issue is precluded by Pruitt’s heirs’ participation in the district court settlement.”
Thornsberry v. W. Sur. Co., 738 F. Supp. 209 (E.D. Ky. 1990).
“According to § 62.060 the obligee in official or statutory bonds is the Commonwealth of Kentucky.”
— Ky. Rev. Stat. § 62.060(2) — 2 cases
Thornsberry v. W. Sur. Co., 738 F. Supp. 209 (E.D. Ky. 1990).
“According to § 62.060 the obligee in official or statutory bonds is the Commonwealth of Kentucky.”
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