New Hampshire Revised Statutes 564-B:7-702 – Trustee’s Bond
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(a) 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.
(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) The following entities need not give bond, even if required by the terms of the trust:
(1) Any trust company, bank, or savings association incorporated under the laws of this state, or any national bank or federally chartered savings association duly authorized and located within this state; and
(2) Any bank as defined in N.H. Rev. Stat. § 383-A:2-201(a)(3), if that bank is permitted to conduct a trust business, as defined in N.H. Rev. Stat. § 383-A:2-201(a)(51), in this state.
(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.
Terms Used In New Hampshire Revised Statutes 564-B:7-702
- following: when used by way of reference to any section of these laws, shall mean the section next preceding or following that in which such reference is made, unless some other is expressly designated. See New Hampshire Revised Statutes 21:13
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
- state: when applied to different parts of the United States, may extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall include said district and territories. See New Hampshire Revised Statutes 21:4
- Trustee: A person or institution holding and administering property in trust.
(c) The following entities need not give bond, even if required by the terms of the trust:
(1) Any trust company, bank, or savings association incorporated under the laws of this state, or any national bank or federally chartered savings association duly authorized and located within this state; and
(2) Any bank as defined in N.H. Rev. Stat. § 383-A:2-201(a)(3), if that bank is permitted to conduct a trust business, as defined in N.H. Rev. Stat. § 383-A:2-201(a)(51), in this state.