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MICHIGAN STATUTES AND CODES
Section 700.5410 - Bond.
Act 386 of 1998
700.5410 Bond.
Sec. 5410.
The court may require a conservator to furnish a bond conditioned upon faithful discharge of all duties of the trust according to law, with sureties as the court specifies. Unless otherwise directed, the bond shall be in the amount of the aggregate capital value of the estate property in the conservator's control plus 1 year's estimated income minus the value of securities deposited under arrangements requiring a court order for their removal and the value of land that the fiduciary, by express limitation of power, lacks power to sell or convey without court authorization. Instead of sureties on a bond, the court may accept other security for the performance of the bond, including a pledge of securities or a mortgage of land.
History: 1998, Act 386, Eff. Apr. 1, 2000
Popular Name: EPIC