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Act No. 190 Section 584

Powers and bond of new trustee.

Section 584

SEC. 584. Powers and bond of new trustee. — A new trustee appointed under the preceding section or appointed in place of a former trustee, in conformity with a written instrument creating a trust, shall, upon giving such bond as may be required, which bond shall be of sufficient size to fully protect the trust estate, and shall be determined, and the sureties thereof be approved, by the judge, have and exercise the same powers, rights, and duties, whether as a sole or joint trustee, as if he had been originally appointed, and the trust estate shall vest in him in like manner as it had vested, or would have vested, in the trustee in whose place he is substituted; and the court may order any conveyances to be made by the former trustee or his representatives, or by the other remaining trustees, which it may deem proper and convenient, to vest the trust estate in the new trustee, either alone or jointly with the others.

Read the full instrument → · Open the chapter this section belongs to: CHAPTER XXVIII →

Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗

Source: Supreme Court E-Library, Republic of the Philippines. Philippine laws are public documents (works of the government).

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