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(a) A trustee shall give bond to secure performance of the trustee's duties only if a bond is required by the terms of the trust instrument or if the court having jurisdiction of the trust finds that a bond is needed to protect the interests of the beneficiaries and the court has not dispensed with the requirement of a bond.
(b) 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 upon petition by the grantor, if living, a qualified beneficiary, or cotrustee.
(c) In accordance with the provisions of section eighteen, article four, chapter thirty-one-a of this code, a regulated financial-service institution authorized to exercise trust powers in this state need not give bond, even if required by the terms of the trust instrument.
Cite this article: FindLaw.com - West Virginia Code Chapter 44D. Uniform Trust Code § 44D-7-702. Trustee's bond - last updated January 01, 2020 | https://codes.findlaw.com/wv/chapter-44d-uniform-trust-code/wv-code-sect-44d-7-702/
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