Kentucky Statutes 386B.7-020 – Trustee’s bond
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(1) 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.
(2) 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.
(3) A regulated financial institution qualified to do trust business in this
Commonwealth need not give bond, even if required by the terms of the trust.
Effective: July 15, 2014
History: Created 2014 Ky. Acts ch. 25, sec. 51, effective July 15, 2014.
(2) 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.
Terms Used In Kentucky Statutes 386B.7-020
- Interests of the beneficiaries: means the beneficial interests provided in the terms of the trust. See Kentucky Statutes 386B.1-010
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Trust: means an express trust established by a trust instrument, including a will, whereby a trustee has the duty to administer a trust asset for the benefit of a named or otherwise described income or principal beneficiary, or both. See Kentucky Statutes 386B.1-010
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes an original, additional, and successor trustee, and a cotrustee. See Kentucky Statutes 386B.1-010
(3) A regulated financial institution qualified to do trust business in this
Commonwealth need not give bond, even if required by the terms of the trust.
Effective: July 15, 2014
History: Created 2014 Ky. Acts ch. 25, sec. 51, effective July 15, 2014.