Massachusetts § 35 - Trustees; appointment; bond

§ 35. Trustees; appointment; bond

Section 35. If in any share there are estates in succession, the court making partition may, upon petition of any party interested, appoint a trustee to receive, hold, manage and invest the proceeds of the sale of such share. The annual income of such share shall be paid to the owner of each successive estate for years or for life until it terminates, and the principal, after termination of prior estates, shall be paid to the parties entitled to the fee. The trustee shall, before entering upon the duties of his trust, give to the judge of probate and his successors or, in the case of the land court, the chief justice and his successors, a bond, with sufficient surety and in a penal sum as the court orders, conditioned for the faithful performance of his duties, and, upon breach of the condition, an action may, by order of the court which holds the bond, be brought for the use of the persons interested in the trust property, as upon a bond of an administrator.