(1) A trustee shall acquire a bond to secure performance of the trustee’s duties only if a bond is required by the terms of the trust or if a court finds that a bond is needed to protect the interests of the beneficiaries. A court may waive a bond required by the terms of a trust if the court finds that a bond is not needed to protect the interests of the beneficiaries.
(2) The court may specify the amount and terms of a bond. The court may modify or terminate any requirement for a bond at any time.
(3) A trust company as defined in ORS 706.008 need not give a bond, even if required by the terms of the trust.