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Can you summarize IC 28-2-7?
BANKS > Fiduciary Bonds
Short Summary
The provided legal document content pertains to Fiduciary Bonds in the state of Indiana. It states that banks, trust companies, and corporate fiduciaries organized under the laws of Indiana or the United States of America, and operating within Indiana, are not required to file certain bonds while acting in a fiduciary capacity in any estate, trust, receivership, action, matter, or proceeding pending in Indiana courts. These bonds include those for the full performance of duties, accounting for funds or property, or any other purpose. However, the court handling the case has the discretion to refuse the exemption or require the fiduciary to file the necessary bonds. The court can issue a written notice to the fiduciary, providing an opportunity to show cause why the bond should not be required. After a hearing, the court can either permit the fiduciary to continue acting without filing the bond or order the fiduciary to file the bond within a specified time. Failure to file the ordered bond within the given time will result in the vacation and setting aside of the fiduciary’s appointment or permission to act. These provisions were amended in the past, but no specific penalties are mentioned in these documents.
Whom does it apply to?
Banks, trust companies, and corporate fiduciaries organized under the laws of Indiana or the United States of America, operating within Indiana, and acting in a fiduciary capacity in any estate, trust, receivership, action, matter, or proceeding pending in Indiana courts.
What does it govern?
Fiduciary Bonds
What are exemptions?
Section 1 of this chapter provides exemptions for banks, trust companies, and corporate fiduciaries from filing certain bonds while acting in a fiduciary capacity.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Indiana