Printable Format59-1101. Bond requirements and conditions. Every fiduciary, except as otherwise provided in this act, before entering upon the duties of his or her trust shall execute and file a bond, with sufficient sureties, in such amount as the court directs, which amount shall not be less than 125 percent of the value of the personal property and the probable annual income from real estate which shall come into his or her possession, conditioned upon the faithful discharge of all the duties of the trust according to law.
History: L. 1939, ch. 180, ยง 81; July 1.
Source or prior law:
22-270, 22-272, 22-303, 22-309, 22-313, 22-402, 22-403, 22-406, 22-909, 22-918, 22-1001, 22-1002, 22-1003, 22-1004, 38-203, 38-207, 39-206.
Law Review and Bar Journal References:
Real estate leases in Kansas, Richard L. Zinn, 17 K.L.R. 707, 728 (1969).
"A Practical Review of the 1975 Kansas Probate Code Revisions," Philip S. Frick, 44 J.B.A.K. 137, 138 (1975).
"Qualifying Testamentary Gifts of Charitable Remainders for the Estate Tax Deduction," John F. Kuether, 50 J.K.B.A. 252, 263 (1981).
CASE ANNOTATIONS
1. Surety ordinarily liable only to extent stated on bond even though greater liability may be imposed on fiduciary. Koch v. Merchants Mutual Bonding Co., 211 K. 397, 398, 400, 507 P.2d 189.
2. In action for breach of penal surety bond, interest is recoverable as element of damages even though total sum exceeds total amount of bond. In re Conservatorship of Huerta, 273 K. 97, 41 P.3d 814 (2002).
Judicial Council, 1939:
Reduces the minimum bond required. Many separate provisions consolidated.