Montana Code 72-38-702. Trustee’s bond
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72-38-702. Trustee’s bond. (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.
Terms Used In Montana Code 72-38-702
- Interests of the beneficiaries: means the beneficial interests provided in the terms of the trust. See Montana Code 72-38-103
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Montana Code 72-38-103
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes an original, additional, and successor trustee and a cotrustee. See Montana Code 72-38-103
(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-service institution qualified to do trust business in this state need not give bond, even if required by the terms of the trust.