507.150. Bond of person acting for infant, when--effect of failure to give. - Missouri Statutes

Bond of person acting for infant, when--effect of failure to give.

507.150. 1. Before a next friend or guardian ad litem canreceive or receipt for any money or property, personal or real,and before he can acknowledge satisfaction or discharge of anyjudgment, he must execute a bond to such infant; except, that nobond shall be required if the total value of the property ormoney, exclusive of expenses and fees approved by the court, isnot in excess of ten thousand dollars and all of the money orproperty is to be turned over to the infant or his parent. Thebond must be approved by the court or the clerk thereof and shallbe conditioned that the next friend or guardian ad litem shallaccount to the infant for all money or property which has or doescome into his hands, less only those expenses and attorney feesthe payment of which has been approved by order of the court.The bond shall be in an amount equal to the value of the money orproperty if the surety is a corporate bonding, surety orinsurance company, and in an amount double the value of the moneyor property if the surety is not a corporate bonding, surety orinsurance company, in which event there shall be two sureties.In either event, the surety or sureties shall be approved by thecourt or clerk thereof before the bond can be approved.

2. Failure to execute such approved bond with approvedsurety or sureties when required under the provisions ofsubsection 1 of this section shall, upon receipt by a next friendor guardian ad litem of any money or property for or on behalf ofsuch minor, immediately render such next friend or guardian adlitem personally liable to the minor for a penal sum in an amountdouble the value of the money or property and also shall renderabsolutely void and of no effect any release, receipt oracknowledgment of satisfaction or discharge of any judgment whichhas or is in the future made or executed by the next friend orguardian ad litem.

3. The next friend's duties or guardian ad litem's dutiesand his obligations under the bond shall continue until he isdischarged therefrom by order of the court.

(RSMo 1939 § 863, A.L. 1959 H.B. 537, A.L. 1961 p. 222, A.L. 1977 S.B. 142 & 433, A.L. 1988 S.B. 506)

Prior revisions: 1929 § 712; 1919 § 1169; 1909 § 1743