Connecticut General Statutes 45a-499ss – Trustee’s bond
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(a) A trustee shall give bond to secure performance of the trustee‘s duties only if the court finds that a bond (1) is needed to protect the interests of the beneficiaries; or (2) is required by the terms of the trust and, in the case of noncharitable trusts, the court has not dispensed with the requirement of a bond.
Terms Used In Connecticut General Statutes 45a-499ss
- Charitable trust: means a trust, or part of a trust, created (A) for a charitable purpose described in section 45a-499z. See Connecticut General Statutes 45a-499c
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Court: means a court of this state having jurisdiction over the matter pursuant to sections 45a-499o and 45a-499p or a court of another state having jurisdiction under the law of the other state. See Connecticut General Statutes 45a-499c
- Interests of the beneficiaries: means the beneficial interests provided in the terms of the trust. See Connecticut General Statutes 45a-499c
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes an original, additional and successor trustee and a cotrustee. See Connecticut General Statutes 45a-499c
(b) The court may specify the amount of a bond, its liabilities and whether sureties are necessary. Except in the case of a charitable trust, the court may modify or terminate a bond at any time.
(c) In addition to the requirements of this section, a testamentary trustee that is a foreign corporation shall comply with section 45a-206.