55-547.02 - Trustee's bond. - Virginia Statutes

§ 55-547.02. Trustee's bond.

A. Except as otherwise provided in Title 26, a trustee shall give bond, orbond with surety or other security, to secure performance of the trustee'sduties only if the court finds that a bond is needed to protect the interestsof the beneficiaries or is required by the terms of the trust and the courthas not dispensed with the requirement.

B. The court may specify the amount of a bond, its liabilities, and whethersureties are necessary. The court may modify or terminate a bond at any time.

C. A regulated financial-service institution qualified to do trust businessin the Commonwealth need not give bond, even if required by the terms of thetrust.

(2005, c. 935.)