75-5-411 - Bond.
75-5-411. Bond.
Subject to the provisions of Title 7 relating to the bonding requirements for corporatefiduciaries, the court shall require a conservator to furnish a bond conditioned upon faithfuldischarge of all duties of the trust according to law, with sureties as it shall specify, unless thecourt dispenses with such bond for good cause shown. Unless otherwise directed, the bond shallbe in the amount of the aggregate capital value of the property of the estate in his control plus oneyear's estimated income minus the value of securities and cash deposited under arrangementsrequiring an order of the court for their removal and the value of any land which the fiduciary, byexpress limitation of power, lacks power to sell or convey without court authorization. The court,in lieu of sureties on a bond, may accept other security for the performance of the bond, includinga pledge of securities or a mortgage of land.
Amended by Chapter 194, 1977 General Session