§ 301 Trust Company Bond Exemption

This law says a trust company that is named as a personal representative, guardian, or conservator does not have to give a bond.

Key Takeaways

•A trust company acting as personal rep, guardian, or conservator can skip the bond requirement.
•How the trust company is held responsible and how it makes oaths is covered in other parts of the law (Article 3 and § 1587).
•The rule only applies to trust companies, not to individuals or other types of organizations.

Example

A trust company is chosen to manage a minor's inheritance after a parent dies.

Because the trust company is acting as the guardian of the estate, the law says it does not need to post a bond to prove it will do its job properly.

(a) A trust company appointed to act as a personal representative, or guardian or conservator of an estate, may not be required to give a bond. (b) The liability of a trust company and the manner of its making of oaths and affidavits are governed by Article 3 (commencing with Section 1540) of Chapter 12 of Division 1 of, and Section 1587 of, the Financial Code. (Enacted by Stats. 1990, Ch. 79.)

This law says a trust company that is named as a personal representative, guardian, or conservator does not have to give a bond.

Key Takeaways

•A trust company acting as personal rep, guardian, or conservator can skip the bond requirement.
•How the trust company is held responsible and how it makes oaths is covered in other parts of the law (Article 3 and § 1587).
•The rule only applies to trust companies, not to individuals or other types of organizations.

Example

A trust company is chosen to manage a minor's inheritance after a parent dies.

Because the trust company is acting as the guardian of the estate, the law says it does not need to post a bond to prove it will do its job properly.

Key Takeaways

Example

Key Terms

References

§ 301 Trust Company Bond Exemption

Key Takeaways

Example

Key Terms

References

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References