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.
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Terms Used In Indiana Code 30-4-6-8
- Court: means a court having jurisdiction over trust matters. See Indiana Code 30-4-1-2
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Trustee: A person or institution holding and administering property in trust.
- Trustee: has the meaning set forth in IC 30-2-14-13. See Indiana Code 30-4-1-2
(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.
