§ 35-15-715. Directed Trusts; Removal of Fiduciary
A trust advisor, trust protector or other fiduciary other than a cotrustee, such cotrustee’s removal already being provided for in § 35-15-706, may be removed as such respective fiduciary in a like manner as provided for a trustee under § 35-15-706. When exercising its powers under this section relative to removal of such respective fiduciary, […]
§ 35-15-711. Directed Trusts; Accepting or Declining Fiduciary Appointment
A trust advisor, trust protector or other fiduciary other than a cotrustee, such cotrustee already being provided for in § 35-15-701(a), may accept its appointment as such respective fiduciary in a like manner as provided for a trustee under § 35-15-701(a). A trust advisor, trust protector or other fiduciary other than a cotrustee, such cotrustee […]
§ 35-15-712. Directed Trusts; Fiduciary’s Bond
Section 35-15-702 applies to trust advisors, trust protectors or other fiduciaries other than cotrustees, such cotrustees already being provided for in § 35-15-702. When exercising its powers under this section, the court shall consider the powers, duties and liabilities relative to such respective fiduciaries other than a cotrustee and whether any of such respective fiduciaries […]
§ 35-15-713. Vacancy; Directed Trusts
Except as otherwise provided by the terms of the trust upon obtaining knowledge of a vacancy in the office of trust advisor or trust protector, the trustee shall be vested with any fiduciary power or duty that otherwise would be vested in the trustee but that by the terms of the trust was vested in […]
§ 35-15-714. Directed Trusts; Resignation of Fiduciary
A trust advisor, trust protector or other fiduciary other than a cotrustee, such cotrustee’s resignation already being provided for in § 35-15-705, may resign its appointment as such respective fiduciary in a like manner as provided for a trustee under § 35-15-705. When exercising its powers under this section relative to resignation, the court shall […]
§ 35-15-701. Accepting or Declining Trusteeship
Except as otherwise provided in subsection (c), a person designated as trustee accepts the trusteeship: By substantially complying with a method of acceptance provided in the terms of the trust; or If the terms of the trust do not provide a method or the method provided in the terms is not expressly made exclusive, by […]
§ 35-15-702. Trustee’s Bond
A trustee shall give bond to secure performance of the trustee’s duties only if the court finds that a bond is needed to protect the interests of the beneficiaries or is required by the terms of the trust and the court has not dispensed with the requirement. The court may specify the amount of a […]
§ 35-15-703. Cotrustees
Cotrustees who are unable to reach a unanimous decision may act by majority decision. If a vacancy occurs in a cotrusteeship, the remaining cotrustees may act for the trust. A cotrustee must participate in the performance of a trustee’s function unless the cotrustee is unavailable to perform the function because of absence, illness, disqualification under […]
§ 35-15-704. Vacancy in Trusteeship — Appointment of Successor
A vacancy in a trusteeship occurs if: A person designated as trustee rejects the trusteeship; A person designated as trustee cannot be identified or does not exist; A trustee resigns; A trustee is disqualified or removed; A trustee dies; or A conservator is appointed for an individual serving as trustee. If one (1) or more […]
§ 35-15-705. Resignation of Trustee
A trustee may resign: Upon at least thirty (30) days’ notice to the qualified beneficiaries, the settlor, if living, and all cotrustees; or With the approval of the court. In approving a resignation, the court may issue orders and impose conditions reasonably necessary for the protection of the trust property. Any liability of a resigning […]