The Arizona Trust Code was adopted by HB 2806, was enacted on May 27, 2008, and was made effective December 31, 2008. This law states that when a court believes the interest of the beneficiaries must be protected, it is required that the trustee obtain a bond to ensure the performance of their duties. If the court has not yet dispensed of it, a bond may be required if it’s in the terms of the trust. The court may decide on the amount of the bond, terms of the trustee’s liability, if any modifications need to be made, and may terminate the bond at any time. Even if the terms of the trust require a bond, banks, national banking associations, savings and loan associations, title insurance companies, and trust companies are not required to give one. Any liability of the sureties or the trustee on the bond for the omissions and acts of the trustee will not be affected or discharged, even if the trustee resigns.
Arizona Trust Bond Requirement
June 11, 2009 by Lisa Grimsley
Category: Court Bonds, Surety NewsTags: arizona, bond requirements, legislation, surety bond |
