Section 12. The assignee or receiver shall, before entering on the performance of his duties, give bond, with sufficient sureties, to the Commonwealth, for the use and benefit of all parties in interest, in at least double the value of the insolvent's estate, as known to him, conditioned as follows:
The condition of this obligation is such that if the above bounden A. B., assignee (or receiver) of the estate of C. D., an insolvent, has discharged and shall faithfully discharge his duty as assignee, shall faithfully account for all moneys or assets received or to be received by him, or in which the estate of said insolvent is in any manner interested, and has faithfully executed and shall faithfully execute the trust confided to him, in the manner provided by law, then this obligation to be void; otherwise, to be and remain in full force and effect.
If additional assets are discovered after the giving of said bond, or the assets realize much more than their estimated value, or the court shall be of opinion that any of the bonds theretofore given is, for any cause, insufficient, the assignee or receiver shall give a new bond or bonds and with like conditions. Suits may be brought thereupon, as in the case of other official bonds, until the amounts thereof are exhausted; but neither said suits, nor the exhaustion of said bonds, shall in any way limit the liability of such assignee or receiver.