Article 5: PROTECTION OF PERSONS UNDER DISABILITY AND THEIR PROPERTY
Part 4: PROTECTION OF PROPERTY OF PERSONS UNDER DISABILITY AND MINORS
The following provisions govern bonds for conservators. [1997, c. 453, §2 (RPR).]
The Probate Court shall require a conservator of an estate of $25,000 or more to
furnish a bond conditioned upon faithful discharge of all duties of the trust according
to law, with sureties as it specifies, unless the court makes a specific finding as
to why a bond should not be required. With respect to estates of less than $25,000,
the court may in its discretion require a bond or other surety. In making a finding
as to why a bond is not required, the court shall consider the person's creditworthiness,
financial solvency or past financial management.
1997, c. 453, §2 (NEW)
A conservator who moves out of State while serving as conservator shall notify the
Probate Court regarding the change of residence. The court may require a conservator
who moves or locates out of State while serving as conservator to furnish a bond at
that time. Unless otherwise directed, the bond must be in the amount of the aggregate
capital value of the property of the estate in the conservator's control plus one
year's estimated income minus the value of securities deposited under arrangements
requiring an order of the court for their removal and the value of any land that the
fiduciary, by express limitation of power, lacks power to sell or convey without court
authorization. In lieu of sureties on a bond, the court may accept other security
for the performance of the bond, including a pledge of securities or a mortgage of
1997, c. 453, §2 (NEW)
The following persons wishing to serve as conservators are exempt from the bonding
requirements of this section:
(1). Spouses; [1997, c. 453, §2 (NEW).]
(2). Financial institutions authorized to do business in this State as defined in Title 9-B, section 131, subsection 17-A, or their employees; and [2009, c. 415, Pt. B, §6 (AMD).]
(3). Persons who are already bonded in their course of business if the bond is sufficient
to cover the duties of conservator. [1997, c. 453, §2 (NEW).]
2009, c. 415, Pt. B, §6 (AMD)
1979, c. 540, §1 (NEW).
1995, c. 291, §2 (AMD).
1997, c. 453, §2 (RPR).
2009, c. 415, Pt. B, §6 (AMD).
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