The Uniform Trust Code will be adopted through this senate bill. A bond must be posted by the trustee to secure the performance of his and her duties. This will only be activated if the court requires it or if the terms of the trust required one. Under this bill the court will be authorized to determine the amount of the bond, its liabilities and whether sureties are necessary. The court has the power to modify or terminate a bond at any time. Also the liability of the trustee or any surety providing the bond for acts of omissions of the trustee would not be discharged or affected by the trustee’s resignation.
HB 425: Reclamation Bonds
This house bill will authorize the Department of Environment to require a bond to be posted in connection with a permit for the use of any coal-combustion by-product for reclamation of a mining site. Under the terms of this bond the secure compliance with the applicable state and federal law will be enforced. The bond amount will have a capacity of the maximum limit of $7,500 per acre based on the number of affected acres. Under existing law a bond was required in connection with a mining operation permit. This new bond will be required in addition to the existing law’s reclamation bond requirements.
SB 411: Court Bond
This bond would be providing procedures for the seize of property that is involved with criminal proceedings. These proceedings would be involved with financial crime cases. The owner of a seized property would have the opportunity to post a bond to obtain the release of their property. The bond would be conditioned on compliance with the court’s final Judgment.
HB 1221: Permit Bond
A surety bond or other security must be posted in connection with a right-of-way permit for the installation of utilities in Washington County. This bond is posted to guarantee the restoration of county property at the site on which the work was performed. This law became effective June 1, 2009.
HB 1195: Miscellaneous Bond – Wholesale Drug Distributors
Prior law required whole sale drug distributors to post a surety bond in the amount of $100,000 in connection with obtaining a permit. Under the new law the amount required will be based on the distributor’s annual gross receipts. This is required so that if such receipts in the previous tax year were $10 Million or more, a $100,000 bond is required. A $50,000 will be necessary if the receipt is less than $10 million.
Despite collaborative efforts by The Surety & Fidelity Association of America (SFAA), The National Association of Surety Bond Producers (NASBP), and AIA Surety, individual surety legislation was defeated in both the states of Virginia and Maryland.
In Virginia, SFAA, NASBP and AIA worked to notify the opponents of the legislation they had gained in the previous year that there was new individual surety legislation in Virginia. This was introduced as Virginia House Bill (HB) 187. Unfortunately their efforts did not have the intended effect, as the bill failed to get out of the committee due to strong opposition.
In Maryland, House Bill (HB) 312 was also unable to make it past the committee. If passed, HB 312 would have successfully eliminated a sunset provision for Sep 30, 2009, on the state.