§ 5516. Fiduciary estate.
216 words·~1 min read·
/pa/title-20/chapter-55/5516A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 5516. Fiduciary estate.
The court, in its discretion, upon the application of any party in interest, in addition to any bond required for the incapacitated person's individual estate, may require a separate bond in the name of the Commonwealth, with sufficient surety, in such amount as the court shall consider necessary for the protection of the parties in interest in an estate of which the incapacitated person is serving in the capacity as a fiduciary and conditioned in the following form:
(1)When one guardian.-- The condition of this obligation is that, if the said guardian shall well and truly account for property held by the incapacitated person as fiduciary according to law, this obligation shall be void; but otherwise it shall remain in force.
(2)When two or more guardians.-- The condition of this obligation is that, if the said guardians or any of them shall well and truly account for property held by the incapacitated person as fiduciary according to law, this obligation shall be void as to the guardian or guardians who shall so account; but otherwise it shall remain in force.
20c5516v
(Apr. 16, 1992, P.L.108, No.24, eff. 60 days)
1992 Amendment. See section 21 of Act 24 in the appendix to this title for special provisions relating to applicability.
20c5517s