(1) A trustee shall give bond to secure performance of the trustee's duties only if a court finds that a bond is needed to protect the interests of the beneficiaries or is required by the terms of the trust and the court has not dispensed with the requirement.
(2) A court may specify the amount of a bond, its liabilities, and whether sureties are necessary. A court may modify or terminate a bond at any time.
(3) A regulated financial service institution qualified to do trust business in this State need not give bond, even if required by the terms of the trust.