Download as PDF
395.130 Bond, when required -- Cost of corporate surety paid from estate.
(1)
(2)
Every fiduciary, except as provided in KRS 286.3-220, 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.
Whenever any personal representative, guardian, conservator or other trustee 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.
Effective: July 1, 1982
History: Amended 1982 Ky. Acts ch. 141, sec. 107, effective July 1, 1982. -- Amended
1970 Ky. Acts ch. 257, sec. 3. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective
October 1, 1942, from Ky. Stat. secs. 3837, 3837a, 3887.
Legislative Research Commission Note (7/12/2006). 2006 Ky. Acts ch. 247 instructs
the Reviser of Statutes to adjust KRS references throughout the statutes to conform
with the 2006 renumbering of the Financial Services Code, KRS Chapter 286. Such
an adjustment has been made in this statute.
Note:
1980 Ky. Acts ch. 396, sec. 120 would have amended this section effective
July 1, 1982. However, 1980 Ky. Acts ch. 396 was repealed by 1982 Ky. Acts
ch. 141, sec. 146, also effective July 1, 1982.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.