Recent Surety Bond requirements under the Uniform Trust Act
Thus far, 20 states have adopted the UTC in some form, and have begun to executed its laws. In 2008, the UTC was introduced in a number of states as well. Under these recent bills, trustees are only required to obtain a surety bond to guarantee the performance of their duties when the court deems such a bond necessary to protect the beneficiaries interests. A surety bond may also be needed if outlined in the terms of the trust, and court has not done away with the requirement.
Latest posts by Victor J. Lance, President/Owner (see all)
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