Bond Requirements For Trustees

Sec. 1301.058. BOND REQUIREMENTS FOR TRUSTEES. (a) The following serve without giving a bond in accordance with the trust terms required by Sections 1301.101(a)(4) and (a-1): (1) a trustee of a management trust that is a corporate fiduciary; and (2) any other trustee of a management trust created for a person who has only a physical disability. (b) Except as provided by Subsection (a), the court shall require a person serving as trustee of a management trust to file with the county clerk a bond that: (1) is in an amount equal to the value of the trust's principal and projected annual income; and (2) meets the conditions the court determines are necessary. Added by Acts 2011, 82nd Leg., R.S., Ch. 823 (H.B. 2759), Sec. 1.02, eff. January 1, 2014. Amended by: Acts 2013, 83rd Leg., R.S., Ch. 982 (H.B. 2080), Sec. 29, eff. January 1, 2014. SUBCHAPTER C. TERMS OF MANAGEMENT TRUST