§ 26-45.2. Placing certain trust assets in designated financial institutions;waiver or reduction of bond of fiduciary officer.
(1) Whenever it shall be the judgment of any court having jurisdiction of anyestate in process of administration by any guardian, conservator, curator,executor, administrator, trustee, receiver, or other officer, because thesize of the bond required of such officer shall seem burdensome or for othercause, the court may order such portion or all of the personal assets of theestate, as it shall deem proper, to be placed with a designated bank, trustcompany or savings institution, insured by the Federal Deposit InsuranceCorporation or other federal insurance agency and doing business in thisCommonwealth, consideration being given to any bank, trust company or savingsinstitution, proposed by the officer. When the original assets areaccordingly placed with a designated financial institution, such financialinstitution shall issue in the name of the estate and file with the court areceipt or receipts therefor and shall give the officer a duplicate copythereof. Such receipt or receipts shall acknowledge:
(a) The original assets received by the financial institution, or the dulycollected proceeds therefrom, and all interest, dividends, principal andother indebtedness subsequently collected by the financial institution onaccount thereof, are to be held by the financial institution in safekeeping,subject to such instructions of the officer as are authorized by orders ofthe court directed to the financial institution; and
(b) Accountings therefor shall be made to the officer at reasonably frequentintervals agreeable to the officer. After the receipt or receipts of thefinancial institution for the original assets placed with such financialinstitution have been filed with the court, the court thereupon shall, by anorder, waive the bond to be given or previously given by such officer orreduce it so that it shall apply only to the estate remaining in the hands ofsuch officer, whichever the court shall deem best for the estate.
(2) Whenever the court has ordered any assets of an estate to be placed witha financial institution designated as provided herein, any person orcorporation having possession or control of any of such assets, or owinginterest, dividends, principal or other indebtedness on account thereof,shall, on the due dates thereof, upon the demand of the financial institutionwhether the officer has duly qualified or not, pay and deliver such assets,interest, dividends, principal and other indebtedness to the financialinstitution. The receipt and acceptance thereof by the financial institutionshall relieve the person or corporation from all further responsibility.
(3) Any bank, trust company or savings institution as above described whichmay be designated by the court under this section, shall be at liberty toaccept or reject such designation in any particular instance. The financialinstitution shall evidence its acceptance or rejection by filing the samewith the court or the clerk of the court making such designation withinfifteen days after actual knowledge of such designation shall have come tothe attention of that financial institution. In the event of acceptance suchbank, trust company or savings institution shall be allowed as a propercharge against the assets placed with such financial institution, suchreasonable amount for its services and expenses as the court making suchdesignation may by its order allow and provide.
§ 26-45.2. Placing certain trust assets in designated financial institutions;waiver or reduction of bond of fiduciary officer.
(1) Whenever it shall be the judgment of any court having jurisdiction of anyestate in process of administration by any guardian, conservator, curator,executor, administrator, trustee, receiver, or other officer, because thesize of the bond required of such officer shall seem burdensome or for othercause, the court may order such portion or all of the personal assets of theestate, as it shall deem proper, to be placed with a designated bank, trustcompany or savings institution, insured by the Federal Deposit InsuranceCorporation or other federal insurance agency and doing business in thisCommonwealth, consideration being given to any bank, trust company or savingsinstitution, proposed by the officer. When the original assets areaccordingly placed with a designated financial institution, such financialinstitution shall issue in the name of the estate and file with the court areceipt or receipts therefor and shall give the officer a duplicate copythereof. Such receipt or receipts shall acknowledge:
(a) The original assets received by the financial institution, or the dulycollected proceeds therefrom, and all interest, dividends, principal andother indebtedness subsequently collected by the financial institution onaccount thereof, are to be held by the financial institution in safekeeping,subject to such instructions of the officer as are authorized by orders ofthe court directed to the financial institution; and
(b) Accountings therefor shall be made to the officer at reasonably frequentintervals agreeable to the officer. After the receipt or receipts of thefinancial institution for the original assets placed with such financialinstitution have been filed with the court, the court thereupon shall, by anorder, waive the bond to be given or previously given by such officer orreduce it so that it shall apply only to the estate remaining in the hands ofsuch officer, whichever the court shall deem best for the estate.
(2) Whenever the court has ordered any assets of an estate to be placed witha financial institution designated as provided herein, any person orcorporation having possession or control of any of such assets, or owinginterest, dividends, principal or other indebtedness on account thereof,shall, on the due dates thereof, upon the demand of the financial institutionwhether the officer has duly qualified or not, pay and deliver such assets,interest, dividends, principal and other indebtedness to the financialinstitution. The receipt and acceptance thereof by the financial institutionshall relieve the person or corporation from all further responsibility.
(3) Any bank, trust company or savings institution as above described whichmay be designated by the court under this section, shall be at liberty toaccept or reject such designation in any particular instance. The financialinstitution shall evidence its acceptance or rejection by filing the samewith the court or the clerk of the court making such designation withinfifteen days after actual knowledge of such designation shall have come tothe attention of that financial institution. In the event of acceptance suchbank, trust company or savings institution shall be allowed as a propercharge against the assets placed with such financial institution, suchreasonable amount for its services and expenses as the court making suchdesignation may by its order allow and provide.
§ 26-45.2. Placing certain trust assets in designated financial institutions;waiver or reduction of bond of fiduciary officer.
(1) Whenever it shall be the judgment of any court having jurisdiction of anyestate in process of administration by any guardian, conservator, curator,executor, administrator, trustee, receiver, or other officer, because thesize of the bond required of such officer shall seem burdensome or for othercause, the court may order such portion or all of the personal assets of theestate, as it shall deem proper, to be placed with a designated bank, trustcompany or savings institution, insured by the Federal Deposit InsuranceCorporation or other federal insurance agency and doing business in thisCommonwealth, consideration being given to any bank, trust company or savingsinstitution, proposed by the officer. When the original assets areaccordingly placed with a designated financial institution, such financialinstitution shall issue in the name of the estate and file with the court areceipt or receipts therefor and shall give the officer a duplicate copythereof. Such receipt or receipts shall acknowledge:
(a) The original assets received by the financial institution, or the dulycollected proceeds therefrom, and all interest, dividends, principal andother indebtedness subsequently collected by the financial institution onaccount thereof, are to be held by the financial institution in safekeeping,subject to such instructions of the officer as are authorized by orders ofthe court directed to the financial institution; and
(b) Accountings therefor shall be made to the officer at reasonably frequentintervals agreeable to the officer. After the receipt or receipts of thefinancial institution for the original assets placed with such financialinstitution have been filed with the court, the court thereupon shall, by anorder, waive the bond to be given or previously given by such officer orreduce it so that it shall apply only to the estate remaining in the hands ofsuch officer, whichever the court shall deem best for the estate.
(2) Whenever the court has ordered any assets of an estate to be placed witha financial institution designated as provided herein, any person orcorporation having possession or control of any of such assets, or owinginterest, dividends, principal or other indebtedness on account thereof,shall, on the due dates thereof, upon the demand of the financial institutionwhether the officer has duly qualified or not, pay and deliver such assets,interest, dividends, principal and other indebtedness to the financialinstitution. The receipt and acceptance thereof by the financial institutionshall relieve the person or corporation from all further responsibility.
(3) Any bank, trust company or savings institution as above described whichmay be designated by the court under this section, shall be at liberty toaccept or reject such designation in any particular instance. The financialinstitution shall evidence its acceptance or rejection by filing the samewith the court or the clerk of the court making such designation withinfifteen days after actual knowledge of such designation shall have come tothe attention of that financial institution. In the event of acceptance suchbank, trust company or savings institution shall be allowed as a propercharge against the assets placed with such financial institution, suchreasonable amount for its services and expenses as the court making suchdesignation may by its order allow and provide.
