1. (a) The following serve without giving a bond in accordance with the trust terms required by Sections 1301.101(a)(4) and (a-1):

   1. (1) a trustee of a management trust that is a corporate fiduciary; and
   2. (2) any other trustee of a management trust created for a person who has only a physical disability.

2. (b) Except as provided by Subsection (a), the court shall require a person serving as trustee of a management trust to file with the county clerk a bond that:

   1. (1) is in an amount equal to the value of the trust's principal and projected annual income; and
   2. (2) meets the conditions the court determines are necessary.

Added by Acts 2011, 82nd Leg., R.S., Ch. 823 (H.B. 2759), Sec. 1.02, eff. January 1, 2014.

Acts 2013, 83rd Leg., R.S., Ch. 982 (H.B. 2080), Sec. 29, eff. January 1, 2014.