§ 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 […]
§ 35-15-706. Removal of Trustee
The settlor, a cotrustee, or a qualified beneficiary may request the court to remove a trustee, or a trustee may be removed by the court on its own initiative. The court may remove a trustee if: The trustee has committed a serious breach of trust; Lack of cooperation among cotrustees substantially impairs the administration of […]
§ 35-15-707. Delivery of Property by Former Trustee — Petition for Approval of Accountings and Release and Discharge From Liability
Unless a cotrustee remains in office or the court otherwise orders, and until the trust property is delivered to a successor trustee or other person entitled to it, a trustee who has resigned or been removed has the duties of a trustee and the powers necessary to protect the trust property. A trustee who has […]