Force and effect of official undertaking

§ 12. Force and effect of official undertaking. An officer of whom an
official undertaking is required, shall not receive any money or
property as such officer, or do any act affecting the disposition of any
money or property which such officer is entitled to receive or have the
custody of, before he shall have filed such undertaking; and any person
having the custody or control of any such money or property shall not
deliver the same to any officer of whom an undertaking is required until
such undertaking shall have been given. If a public officer required to
give an official undertaking, enters upon the discharge of any of his
official duties before giving such undertaking, the sureties upon his
undertaking subsequently given for or during his official term shall be
liable for all his acts and defaults done or suffered and for all moneys
and property received during such term prior to the execution of such
undertaking, or if a new undertaking is given, from the time notice to
give such new undertaking is served upon him. Every official undertaking
shall be obligatory and in force so long as the officer shall continue
to act as such and until his successor shall be appointed and duly
qualified, and until the conditions of the undertaking shall have been
fully performed. When an official undertaking is renewed pursuant to law
the sureties upon the former undertaking shall not be liable for any
official act done or moneys received after the due execution, approval
and filing of the new undertaking.