(1) A trustee shall acquire a bond to secure performance of the trustee’s duties only if a bond is required by the terms of the trust or if a court finds that a bond is needed to protect the interests of the beneficiaries. A court may waive a bond required by the terms of a trust if the court finds that a bond is not needed to protect the interests of the beneficiaries.

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(2) The court may specify the amount and terms of a bond. The court may modify or terminate any requirement for a bond at any time.

(3) A trust company as defined in ORS § 706.008 need not give a bond, even if required by the terms of the trust. [2005 c.348 § 51]