Maine Revised Statutes

§702. Trustee's bond

1. Bond.  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.
[ 2003, c. 618, Pt. A, §1 (NEW); 2003, c. 618, Pt. A, §2 (AFF) .]
2. Amount.  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.
[ 2003, c. 618, Pt. A, §1 (NEW); 2003, c. 618, Pt. A, §2 (AFF) .]
3. Financial institution.  A financial institution qualified to do trust business in this State need not give bond, even if required by the terms of the trust.
[ 2003, c. 618, Pt. A, §1 (NEW); 2003, c. 618, Pt. A, §2 (AFF) .]
4. Cost charged to trust.  Unless otherwise directed by the court, the cost of a bond is charged to the trust.
[ 2003, c. 618, Pt. A, §1 (NEW); 2003, c. 618, Pt. A, §2 (AFF) .]
SECTION HISTORY
2003, c. 618, §A1 (NEW). 2003, c. 618, §A2 (AFF).