(a) When required.--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. (b) Judicial authority.--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) Institutional trustees.--An institution qualified to do trust business in this Commonwealth need not give bond even if required by the terms of the trust. (July 15, 2024, P.L.786, No.64, eff. 90 days) 2024 Amendment. Act 64 amended subsecs. (a) and (c). See section 11 of Act 64 in the appendix to this title for special provisions relating to Uniform Trust Code. Cross References. Section 7762 is referred to in sections 7705, 7780.27 of this title.
Pennsylvania Legal Code