14-10702. Trustee's bond
161 words·~1 min read·
/az/title-14/14-10702A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. A trustee shall give bond to secure performance of the trustee's duties only if the court finds that a bond is needed to protect the interests of the beneficiaries or is required by the terms of the trust and the court has not dispensed with the requirement.
B. The court may specify the amount of a bond, its liabilities and whether sureties are necessary. The court may modify or terminate a bond at any time.
C. Notwithstanding the terms of the trust, the following are not required to give a bond:
1. A national banking association.
2. A holder of a banking permit under the laws of this state.
3. A savings and loan association authorized to conduct trust business in this state.
4. A title insurance company qualified to do business under the laws of this state.
5. A trust company holding a certificate to engage in trust business from the state superintendent of banks.
6. The public fiduciary.