Section 702 - Trustee's bond1.Bond. A trustee shall give bond to secure performance of the trustee's duties only if the court finds that a bond is needed to protect the interests of the beneficiaries or is required by the terms of the trust and the court has not dispensed with the requirement.[2003, c. 618, Pt. A, §1(NEW); 2003, c. 618, Pt. A, §2(AFF).]
2.Amount. The court may specify the amount of a bond, its liabilities, and whether sureties are necessary. The court may modify or terminate a bond at any time.[2003, c. 618, Pt. A, §1(NEW); 2003, c. 618, Pt. A, §2(AFF).]
3.Financial institution. A financial institution qualified to do trust business in this State need not give bond, even if required by the terms of the trust.[2003, c. 618, Pt. A, §1(NEW); 2003, c. 618, Pt. A, §2(AFF).]
4.Cost charged to trust. Unless otherwise directed by the court, the cost of a bond is charged to the trust.[2003, c. 618, Pt. A, §1(NEW); 2003, c. 618, Pt. A, §2(AFF).]
2003, c. 618, §A1 (NEW) . 2003, c. 618, §A2 (AFF) .