(a) (1) Any person bound as surety in any bond given by an officer for the faithful performance of the duties of his or her office, whether the office is held under an election or an appointment by the laws of the state or by any ordinance or resolution of any municipal corporation in this state, or by appointment by a board of any municipal corporation in this state, may be discharged from all future liability on the official bond upon his or her petition in writing adduced to the court authorized by law to take and approve the official bond.
(2) In the event the bond is not required to be approved by a particular court, then his or her petition in writing shall be adduced to the circuit court of the county in which the bond is given and required to be filed.
(b) The petition shall set forth the facts upon which the application for a discharge is founded and shall be verified by the affidavit of the petitioner.
(c) (1) A notice in writing of the intended application, together with a copy of the petition, shall be personally served on the principal in the bond at least twenty (20) days before the making of the application.
(2) If the principal in the bond has been absent from the state for the period of six (6) months, the publication of notice and petition, for three (3) successive weeks, in some newspaper printed in this state shall be a sufficient service of notice.
(d) (1) The court to whom the petition is addressed shall hear the application and may, on examination thereof, in its discretion, make an order requiring the principal in the bond to give new bond and security for the performance of his or her official duties.
(2) If new bond and security is given, it shall be taken, approved, filed, and recorded in the same manner that the official bond of the officer is required by law to be taken, approved, and recorded.
(3) When a new bond is taken, approved, and filed, it shall immediately operate as a discharge of all the securities on the former bond from all liability arising from any subsequent misconduct or default of the principal therein. The securities on the former bond shall thenceforth be liable on that bond only for breaches thereof which happened prior to the taking, approving, and filing of the new bond.