§ 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 […]
§ 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 […]
§ 35-15-708. Compensation of Trustees, Trust Advisors and Trust Protectors
If the terms of a trust do not specify a trustee’s, trust advisor’s or trust protector’s compensation, and if the settlor, if living, or otherwise a majority of the qualified beneficiaries as defined in § 35-15-103(24)(A), have not otherwise agreed, a trustee, trust advisor or trust protector is entitled to compensation that is reasonable under […]
§ 35-15-709. Reimbursement of Expenses
A trustee, trust advisor or trust protector is entitled to be reimbursed out of the trust property, with interest as appropriate, for: Expenses that were properly incurred in the administration of the trust; and To the extent necessary to prevent unjust enrichment of the trust, expenses that were not properly incurred in the administration of […]
§ 35-15-508. Removal or Replacement Power Over Trustee or Other Fiduciary Not Reachable by Holder’s Creditors — Interests of Beneficiary Who Is Also a Trustee or Other Fiduciary Not Reachable
No creditor or assignee of a beneficiary shall have the power to reach an interest of a beneficiary or any other person who holds an unconditional or conditional removal or replacement power over a trustee or other fiduciary. Such power over a trustee or other fiduciary is personal to the holder and shall not be […]
§ 35-15-510. Immunity From Claims of Separate Creditors of Trust Property Conveyed to Trustee by Husband and Wife as Tenants by the Entirety
As used in this section, “proceeds” means: Property acquired by the trustee upon the sale, lease, license, exchange, or other disposition of property originally conveyed by a husband and wife as tenants by the entirety to a trustee or trustees; Property collected by the trustee on, or distributed on account of, property originally conveyed by […]