Maryland Uniform Trust Code mandates new bond
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.