31A-22-106 - Petition of fiduciary's surety to be relieved from liability. - Utah Statutes

31A-22-106. Petition of fiduciary's surety to be relieved from liability.
Any surety securing others against losses caused by breach of duty by a fiduciary, hereincalled "principal," may petition the court where the surety's obligation is filed or which hasjurisdiction over the principal, for an order relieving the surety from further liability for the acts oromissions of the principal. This order may be issued only after the court is satisfied that theprincipal has accounted to the petitioner and has obtained a new surety. The surety relieved fromliability shall refund any unearned part of the premium paid which the surety held asconsideration for its promise to be surety. To relieve a surety from liability, the court may orderthe principal to account, to obtain a new surety, or to refrain from acting except to preserveproperty held in a fiduciary capacity.

Enacted by Chapter 242, 1985 General Session