House Bill 243

AN ACT TO REQUIRE AN ATTORNEY ACTING AS A TRUSTEE OR FIDUCIARY TO POST A BOND; TO REQUIRE COMPLIANCE WITH APPLICABLE LAWS, RULES, REGULATIONS AND ETHICAL REQUIREMENTS; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. Before an attorney may be appointed as a trustee or fiduciary by a chancellor in any matter involving the administration of funds of a minor, an incompetent or an estate, the court shall require that the attorney post a bond of not less than Two Hundred Percent (200%) of the value of the matter for which the attorney will act as trustee or fiduciary. The bond shall be posted as acknowledgement that the attorney will perform the tasks as trustee or fiduciary in compliance with all laws, rules, regulations and ethical requirements involving the duties of a trustee or fiduciary. If the attorney fails to adhere to the applicable laws, rules, regulations and ethical requirements, the amount of the bond shall be forfeited and the attorney shall be liable for any applicable penalties provided by law.

SECTION 2. This act shall take effect and be in force from and after July 1, 2013.