BILL REQ. #:  S-0379.1 

Read first time 01/17/2005.   Referred to Committee on Financial Institutions, Housing & Consumer Protection.

     AN ACT Relating to guardianship bond requirements; and amending RCW 11.88.105.

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

Sec. 1   RCW 11.88.105 and 1990 c 122 s 11 are each amended to read as follows:
     (1) In cases where all or a portion of the estate consisting of cash or securities has been placed in possession of savings and loan associations or banks, trust companies, escrow corporations, or other corporations approved by the court and if a verified receipt signed by the custodian of the funds is filed by the guardian or limited guardian in court stating that such corporations hold the cash or securities subject to order of court, the court may in its discretion dispense with the bond or reduce the amount of the bond by the amount of such deposits.
     (2) Funds held in any fiduciary account including, but not limited to, an account created under chapter 11.114 RCW or its equivalent, or a special needs or other trust approved by the court as provided in RCW 11.92.140, that is created by or under the control of a guardian, shall be bonded as provided in RCW 11.88.100, unless the funds are held subject to order of the court.