Trustees in the State of Alaska must abide by a new bill. The new bill, which is referred to as HB 108, requires any individual acting as a trustee on a deed to acquire a $250,000 surety bond to guard the grantors and beneficiaries of the deed from the trustee’s deception or defalcation perpetrated in the execution of the trustee’s responsibilities. All title insurance agencies within the state would be excused from the surety bond obligation.
Eric is the Webmaster of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog.