72-33-603. Trustee's bond. (1) A trustee is not required to give a bond to secure performance of the trustee's duties, unless either of the following circumstances occurs:
     (a) A bond is required by the trust instrument.
     (b) Notwithstanding a waiver of bond in the trust instrument, a bond is found by the court to be necessary to protect the interests of beneficiaries.
     (2) Notwithstanding subsection (1)(a), the court may excuse a requirement of a bond, reduce or increase the amount of a bond, release a surety, permit the substitution of another bond with the same or different sureties, or accept another form of security.
     (3) If a bond is required, it shall be filed or served, in the amount, and with sureties and liabilities as provided in the trust instrument or as ordered by the court.
     (4) Except as otherwise provided in the trust instrument or ordered by the court, the cost of the bond shall be charged against the trust.
     (5) A trust company may not be required to give a bond, notwithstanding a contrary provision in the trust instrument.

     History: En. Sec. 49, Ch. 685, L. 1989.