2010 Code of Virginia
Chapter 31 - Uniform Trust Code (55-541.01 thru 55-551.06)
55-547.02 - Trustee's bond.

ยง 55-547.02. Trustee's bond.

A. Except as otherwise provided in Title 26, a trustee shall give bond, or bond with surety or other security, 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. A regulated financial-service institution qualified to do trust business in the Commonwealth need not give bond, even if required by the terms of the trust.

(2005, c. 935.)

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