There is a newer version of the California Code
2016 California Code
Government Code - GOV
TITLE 1 - GENERAL
DIVISION 6 - PUBLIC BONDS AND OBLIGATIONS
CHAPTER 2 - Protection of Bond Guarantors
Section 5108.
CA Govt Code § 5108 (2016) What's This?
5108. If the guarantors function in the capacity of trustee or if the custody of the bonds is in the possession of a trustee, and administered by the trustee, he shall be required to distribute interest and principal, in the proportion that each is received by him, to the beneficiaries under the trust.
(Enacted by Stats. 1943, Ch. 134.)
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