Bond requirement for Conservators in Nebraska
Nebraska LB 157 will revise the current bond requirements for conservators. Under current law the court is authorized to require a conservator to post a bond in the amount that is determined by the court. If the bond is amount is not determined by the court the amount must be equal to the aggregate capital value of the personal property of the estate in his or her control, plus one year’s estimated income from all sources. This must be minus the value of any securities deposited under arrangements that require an order of the court for their removal. The new bill will provide that the bond only would be required for estates valued over $10,000 and would require the bond to be in the amount described above. The court will still have the authority in which to determine whether the bond is required, and will also have the authority to adjust the amount if need be.
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Victor Lance is the founder and president of Lance Surety Bond Associates, Inc. He began his career as an officer in the U.S. Marine Corps, serving two combat tours. As president of Lance Surety, he now focuses on educating and assisting small businesses throughout the country with various license and bond requirements. Victor graduated from Villanova University with a degree in Business Administration and holds a Masters in Business Administration (MBA) from the University of Michigan's Ross School of Business.