Section 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.