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Illinois Compiled Statutes - Full Text
Illinois Compiled Statutes (ILCS)
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(755 ILCS 5/12-11) (from Ch. 110 1/2, par. 12-11)
Sec. 12-11.
Counter security - release of surety.)
(a) If the court believes a representative to be insolvent or in
doubtful circumstances, upon petition of the surety on his
bond, the court may require the representative to give counter
security to his surety.
(b) If a representative or the surety on his bond
petitions the court to have the surety released from further
liability on the bond, except for good cause shown the court
shall require the representative within a reasonable time
to be fixed by the court to settle his accounts and to give
a new bond in such amount and security as may be approved by
the court.
(c) Notice of hearing on the account shall be given
as provided by this Act for the hearing on final accounts.
Upon approval by the court of the account and of the new
bond the surety on the old bond is discharged from all
further liability.
(d) If a representative fails to pay the annual bond premium within
120 days of the date he has received notice from the surety company that
the premium is due and owing, the surety company may elect to terminate
its liability on the bond by notifying the representative and his attorney,
if any, and all interested parties that liability on the bond shall cease
60 days after the date of said notice which shall be given by certified
mail and a copy thereof shall be filed with the Court forthwith. If payment
is not made within the required time, the terminating surety shall by motion
notify the court of its election to terminate and shall give notice of such
motion to the representative and all interested parties. The court shall
then require the representative to give a new bond in such amount and with
such security as it may require.
(Source: P.A. 83-859.)
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