United States — Maine Act or statute

United States — Maine legislation

Maine Revised Statutes, Title 18-B, § 702: Trustee's bond, 2003

A trustee must give bond only when the court finds it is needed to protect beneficiaries or the trust requires it, unless the court dispenses with the requirement. The court may set, change, or en…

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bondtrust administration

Jurisdiction: United States — Maine
Structure: 1 provisions
Official identity: Year 2003
Dates: Enacted 2003 · Source version 1 Oct 2025

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Dates: Enacted 2003 · Source version 1 Oct 2025

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“A trustee must give bond only when the court finds it is needed to protect beneficiaries or the trust requires it, unless the court dispenses with the requirement. The court may set, change, or end the bond, and a qualified financial institution need not give bond.”

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Enacted 2003 · Source version 1 Oct 2025. The date shown identifies this source expression and should not be treated as proof that no later change exists.
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Trustee's bond

A trustee must give bond only when the court finds it is needed to protect beneficiaries or the trust requires it, unless the court dispenses with the requirement. The court may set, change, or end the bond, and a qualified financial in…

Section 702

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Source record from legislature.maine.gov · Enacted 2003 · Source version 1 Oct 2025

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§ 702Trustee's bondProvision

Source excerpt

1. Bond. A trustee shall give bond 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. [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).] 2. Amount. 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. [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).] 3. Financial institution. A financial institution qualified to do trust business in this State need not give bond, even if required by the terms of the trust. [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).] 4. Cost charged to trust. Unless otherwise directed by the court, the cost of a bond is charged to the trust. [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]

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1 Oct 2025 · currentEnglish

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