Sec. 7702.
(1) 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 trust beneficiaries or is required by the terms of the trust and the court has not dispensed with the requirement.
(2) 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.
(3) A financial institution qualified to do trust business in this state need not give bond, even if required by the terms of the trust.
History: Add. 2009, Act 46, Eff. Apr. 1, 2010
Popular Name: EPIC
Last modified: October 10, 2016