If the guarantors function in the capacity of trustee or if the custody of the bonds is in the possession of a trustee, and administered by the trustee, he shall be required to distribute interest and principal, in the proportion that each is received by him, to the beneficiaries under the trust.

(Enacted by Stats. 1943, Ch. 134.)

Terms Used In California Government Code 5108

  • bonds: means State, county, municipal, or other public corporation or district bonds. See California Government Code 5101
  • Trustee: A person or institution holding and administering property in trust.