§ 32-1-1005

32-1-1005. Bond. Before accepting an appointment or acting as a trustee, guardian, or conservator, a foreign trust company shall file a bond with a court of competent jurisdiction in an amount that the court directs, with sufficient sureties, conditioned on the faithful discharge of its duties as trustee, guardian, or conservator. A foreign trust company is not required to file a bond with respect to a trust, other than a trust created by a will, if the trust instrument requests or directs that a bond is not required of the trustee. History: En. Sec. 5, Ch. 290, L. 1993; amd. Sec. 139, Ch. 42, L. 1997; amd. Sec. 80, Ch. 483, L. 2001; amd. Sec. 1, Ch. 122, L. 2013; amd. Sec. 5, Ch. 12, L. 2015.