Conditions deemed written in the bond

Posted on by

Conditions deemed written in the bond

The following conditions shall be deemed to be a part of the bond, whether written therein or not:

  1. That the trustee will make and return to the court, at such time as it may order, a true inventory of all the real and personal estate belonging to him as trustee which at the time of the making of such inventory shall have come to his possession or knowledge;
  2. That he will manage and dispose of all such estate and faithfully discharge his trust in relation thereto according to law and the will of the testator or the provisions of the instrument or order under which he is appointed;
  3. That he will render upon oath at least once a year until his trust is fulfilled, unless he is excused therefrom in any year by the court, a true account of the property in his hands and of the management and disposition thereof and will render such other accounts as the court may order; and
  4. That at the expiration of his trust, he will settle his accounts in court and pay over and deliver all the estate remaining in his hands or due from him on such settlement to the person or persons entitled thereto.

 

But when the trustee is appointed as a successor to a prior trustee, the court may dispense with the making and return of an inventory, if one has already been filed and in such case the condition of the bond shall be deemed to be altered accordingly (Sec. 6, Rule 98, RoC).

Leave a comment