(a) As used in this title, except as otherwise provided, “bond” or “probate bond” means a bond with security given to secure the faithful performance by an appointed fiduciary of the duties of the fiduciary's trust and the administration of and accounting for all moneys and other property coming into the fiduciary's hands, as fiduciary, according to law.

(b) Except as otherwise provided, every bond or probate bond shall be payable to the state, shall be conditioned for the faithful performance by the principal in the bond of the duties of the principal's trust and the administration of and accounting for all moneys and other property coming into the principal's hands, as fiduciary, according to law, and shall be in such amount and with such security as shall be required by the judge of probate having jurisdiction pursuant to rules prescribed by the Supreme Court. If bond is required of a fiduciary, the fiduciary's appointment shall not be effective until the bond has been accepted by the Court of Probate.

(c) A probate judge may waive the requirement of a bond if the assets of the estate are less than twenty thousand dollars, or if the amount of the estate which is not restricted by Probate Court order is less than ten thousand dollars.

(P.A. 80-227, S. 1, 24; P.A. 01-127, S. 4.)

History: P.A. 80-227 effective July 1, 1981; Sec. 45-34a transferred to Sec. 45a-139 in 1991; P.A. 01-127 made technical changes for purposes of gender neutrality in Subsecs. (a) and (b) and added Subsec. (c) re waiver of bond if assets of estate are less than $20,000 or if amount not restricted by court order is less than $10,000.

Section does not operate to extend applicability of a bond where bond was limited to misappropriation related to a real estate transaction, and not all misappropriations related to the estate, but rather Sec. 45a-164(b) applies. 269 C. 550.