3. 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.
4. NECESSITY FOR BOND
Bond 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.
5. AMOUNT OF THE BOND
The 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.
6. 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.
7. 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.
8. 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.
9. SURETY BOND
a bond issued by surety who
guarantees performance
should the obligated party fail
to meet its obligations.
10. LIABILITY OF THE SURETIES
Responsibility 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.
11. DUTY OF THE SURETY
The duty of the guardian’s
surety is to assure that the
conditions are fulfilled by
the guardian.
