As Amended
SEC. 75-63-17. Administration of trust fund; chancery court's jurisdiction.
All trusts created pursuant to this chapter shall have corporate entities as trustees. The trust fund established under the provisions of this chapter shall be administered under the jurisdiction of the chancery court of the chancery court district wherein the seller is located or if the seller be located outside of the State of Mississippi then in the chancery court of the chancery court district wherein the purchaser resides. The chancery courts so having jurisdiction shall have full jurisdiction over the reports and accounting of trustees, amount of surety bond required, and investment of funds. The courts may waive the surety bond and control over investments in the case of trusts placed with an established bank or corporate trustee.
SOURCES: Codes, 1942, Sec. 5131-39; Laws, 1966, ch. 374, Sec. 9; 1975, ch. 503, Sec. 6, eff from and after passage (approved April 8, 1975).