Bonding
Sec. 8. (a) Unless the terms of the trust provide otherwise, the
trustee need not provide a bond to secure the trustee's performance
as trustee.
(b) If the trust is subject to continuing supervisory jurisdiction by
the court, the court may, on its own motion, direct the trustee to
provide a bond to secure performance of the trustee's duties.
(c) Upon petition by an interested party, the court may direct the
trustee to provide a bond to secure the trustee's performance, if the
court deems it reasonably necessary to protect the interest of any
beneficiary.
(d) Unless the terms of the trust provide otherwise, the court may,
in its discretion, direct a trustee appointed by the court under
IC 30-4-3-33 to file a bond to secure the performance of the trustee's
duties.
(e) In any case in which bond is required, unless otherwise
specified, the court shall determine the amount, term and surety of
the bond to be provided. The court may also excuse a requirement of
bond, reduce or increase the amount of the bond, release the surety,
or permit substitution of another bond with the same or different
sureties.
(Formerly: Acts 1971, P.L.416, SEC.7.) As amended by
P.L.238-2005, SEC.44.
Last modified: May 27, 2006