§ 28-1-11-10 — Service as fiduciary without bond; judicial control; requirement of security

Except as otherwise provided in this chapter,
any bank or trust company shall have power to act in each and every
fiduciary capacity permitted by the terms of this article, and as
commissioner for the sale of real estate, without bond or other security,
and administer oaths attested by the signature of its secretary or cashier
and its seal wherever it is acting in any such fiduciary capacity and
whenever an individual acting in the same capacity is authorized by
law to administer oaths. The court having jurisdiction of the fiduciary
at any time, whether before or after acceptance of any fiduciary
appointment, may require a bond or other security, and upon failure of
such corporation to give a bond or security as required, may remove
such corporation and revoke its appointment. No bank or trust company
shall pledge or deposit any of its assets as a condition to the exercise of
any of its powers as a fiduciary.
Formerly: Acts 1933, c.40, s.179. As amended by P.L.263-1985,
SEC.60.