Massachusetts General Laws ch. 190B sec. 3-603 – Bond without sureties
Section 3–603. [Bond Without Sureties.]
Terms Used In Massachusetts General Laws ch. 190B sec. 3-603
- Fiduciary: A trustee, executor, or administrator.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Trustee: A person or institution holding and administering property in trust.
(a) Sureties shall be required on the bond of a personal representative unless: (i) the will directs that there be no bond or waives the requirement of surety thereon; (ii) all of the heirs, if no will has been probated, or all of the devisees named in a will file a written waiver of sureties; (iii) the personal representative is a bank or trust company qualified to do trust business or exercise trust powers in this state; or (iv) the court concludes that sureties are not in the best interests of the estate. In any formal proceeding the court, on its own motion, may require sureties or additional sureties.
(b) No surety shall be required upon bonds filed by national banks or trust companies located in the commonwealth and duly permitted to act in a fiduciary capacity as personal representative or trustee, except that the court appointing such bank or trust company as a personal representative, other than as trustee, may upon application of any interested person require the bank or trust company so appointed to give such security, in addition to any lien or security provided by the laws of the United States, as the court may consider proper, and upon failure of such bank or trust company to give the security required may revoke such appointment and remove such bank or trust company.