(a) A trustee shall give bond to secure performance of the trustee's duties only if the 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.
(b) The court may specify the amount of a bond, its liabilities, and whether sureties are necessary. The court may modify or terminate a bond at any time.
(c) The following entities need not give bond, even if required by the terms of the trust:
(1) Any trust company, bank, or savings association incorporated under the laws of this state, or any national bank or federally chartered savings association duly authorized and located within this state; and
(2) Any bank as defined in RSA 383-A:2-201(a)(3), if that bank is permitted to conduct a trust business, as defined in RSA 383-A:2-201(a)(51), in this state.