Maryland Code, ESTATES AND TRUSTS 14.5-702
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Terms Used In Maryland Code, ESTATES AND TRUSTS 14.5-702
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Trustee: A person or institution holding and administering property in trust.
(a) A trustee shall give bond to secure performance of the duties of the trustee only if the court:
(1) Finds that a bond is needed to protect the interests of the beneficiaries or is required by the terms of the trust; and
(2) Has not dispensed with the requirement.
(b) (1) The court may specify the amount of a bond, the liabilities of the bond, and whether sureties for the bond are necessary.
(2) The court may modify or terminate a bond at any time.