395.130 Bond, when required -- Cost of corporate surety paid from estate.

232 words·~1 min read·/ky/chapter-395/395-130

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)Every fiduciary, except as provided in KRS 286.3-220 and 386B.7-020, shall

provide surety on his bond unless, on the petition of any interested party, the court

upon being satisfied that all interests are adequately protected excuses the

requirement of a surety, or unless, by the terms of the will or trust, surety is not

required. Subsequent to the qualification of a fiduciary and on motion of any

interested party the court may reduce the amount of the bond, release the surety, or

permit the substitution of another bond with the same or different sureties. If an

executor does not give bond when required to do so, he shall not be permitted to

qualify, and, if he has already qualified, he shall be removed.

(2)Whenever any personal representative, guardian, conservator, or fiduciary who is

required by law to execute a bond for the faithful discharge of his duties or

fulfillment of his trust, procures as surety on his bond an incorporated surety

company authorized to do business in this state, the necessary and reasonable cost

incident to the bond shall be a lawful charge against the estate in the hands of the

fiduciary, as other expenses of administration, and in his settlement the fiduciary

shall be entitled to credit by the amount actually paid by him for that purpose,

subject to the approval of the court which has approved the bond.