Kansas Statutes 58a-702. Trustee’s bond
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Terms Used In Kansas Statutes 58a-702
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201
- Trustee: A person or institution holding and administering property in trust.
(a) A trustee shall give bond to secure performance of the trustee’s duties unless otherwise waived or modified by the terms of the 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 regulated financial-service institution qualified to do trust business in this state need not give bond, even if required by the terms of the trust.