Nebraska Statutes 30-3858. (UTC 702) Trustee’s bond
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(UTC 702) (a) 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 beneficiaries or is required by the terms of the trust and the court has not dispensed with the requirement.
Terms Used In Nebraska Statutes 30-3858
- Company: shall include any corporation, partnership, limited liability company, joint-stock company, joint venture, or association. See Nebraska Statutes 49-801
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- State: when applied to different states of the United States shall be construed to extend to and include the District of Columbia and the several territories organized by Congress. See Nebraska Statutes 49-801
- Trustee: A person or institution holding and administering property in trust.
(b) 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.
(c) A bank or trust company qualified to act as a trustee in this state need not give bond, even if required by the terms of the trust.