Bonds of trustees.
Section 590
SEC. 590. Bonds of trustees. — Every trustee under a will, and every trustee appointed by the court, before entering on the duties of his trust, shall, unless it is otherwise specially provided by law, give bond with sufficient surety or sureties, to be approved by the judge, in such sum as the judge or court having jurisdiction of the trust may order, payable to the Government of the Philippine Islands, and available for the protection of any interest. The bond shall be lodged with the clerk of the Court of First Instance and be by him recorded in the books of the office; and the following conditions shall be deemed to be a part of the bond, whether written therein or not: 1. To make and return to the court, at such time as it may order, a true inventory of all the real and personal estate belonging to him as trustee, which at the time of the making of such inventory shall have come to his possession or knowledge; 2. To manage and dispose of all such estate, and faithfully to discharge his trust in relation thereto according to the law and will of the testator, or the provisions of the instrument under which he is appointed; 3. To render upon oath at least once a year until his trust is fulfilled, unless he is excused therefrom in any year by the court, a true account of the property in his hands, and of the management and disposition thereof, and also to render such account at such other times as said court may order; 4. At the expiration of his trust to settle his account in court and to pay over and deliver all the estate remaining in his hands, or due from him on such settlement, to the person or persons entitled thereto. But when the trustee is appointed as a successor to a prior trustee, the court may dispense with the making and return of an inventory, if it appears to be unnecessary, and in such case the condition of the bond shall be altered accordingly.