Section 21-22-10 - Fixing terms of trustee's bond--Amount and conditions--Sureties--Time of filing--New bond.
21-22-10. Fixing terms of trustee's bond--Amount and conditions--Sureties--Time of filing--New bond. Unless the trustee is exempted by the terms of the instrument creating the trust from furnishing a bond or unless such instrument itself provides the amount and condition of such bond, the trustee must, upon commencement of court supervision, petition the court to fix the amount and conditions of his bond. The court shall then fix a time and place for hearing and direct notice thereof to be given as provided in this chapter. Such bond shall be conditioned that the trustee will faithfully perform his trust and duly account for all money and property received, and the amount of the bond shall be fixed by the court in a sum which in the opinion of the court shall be sufficient to protect the interest of the beneficiaries. Such bond must be either with a corporate surety or with at least two personal sureties to be approved by the court who are residents and freeholders of this state and who together are worth in excess of all their liabilities and property exempt from execution, at least the amount of the bond. Such bond must be filed by the trustee within ten days after entry of the order requiring that the same be filed. Whenever it appears that the proper administration of the trust requires that a new bond be given, the court may require such new bond.
Source: Supreme Court Rule, Part 3, Rule 9, September, 1923; Supreme Court Rule 248, 1939; SDC 1939, § 33.2612; Supreme Court Rule adopted February 11, 1952.