14-10701. Accepting or declining trusteeship A. Except as otherwise provided in subsection C, a person designated as trustee accepts the trusteeship either: 1. By substantially complying with a method of acceptance provided in the terms of the trust. 2. If the terms of the trust do not provide a method or the method provided in […]
14-10702. Trustee’s bond A. 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. B. The court may […]
14-10703. Cotrustees A. Cotrustees who are unable to reach a unanimous decision may act by majority decision. B. If a vacancy occurs in a cotrusteeship, the remaining cotrustees may act for the trust. C. A cotrustee must participate in the performance of a trustee’s function unless the cotrustee is unavailable to perform the function because […]
14-10704. Vacancy in trusteeship; appointment of successor A. A vacancy in a trusteeship occurs if: 1. A person designated as trustee rejects the trusteeship. 2. A person designated as trustee cannot be identified or does not exist. 3. A trustee resigns. 4. A trustee is disqualified or removed. 5. A trustee dies. 6. A guardian […]
14-10705. Resignation of trustee A. A trustee may resign either: 1. Unless the trust instrument provides otherwise, on at least thirty days’ notice to the qualified beneficiaries, the settlor, if living, and all cotrustees. 2. With the approval of the court. B. In approving a resignation, the court may issue orders and impose conditions reasonably […]
14-10706. Removal of trustee A. The settlor, a cotrustee or a beneficiary may request the court to remove a trustee or a trustee may be removed by the court on its own initiative. B. The court may remove a trustee if: 1. The trustee has committed a material breach of trust. 2. Lack of cooperation […]
14-10707. Delivery of property by former trustee A. 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 […]
14-10708. Compensation of trustee A. If the terms of a trust do not specify the trustee’s compensation, a trustee is entitled to compensation that is reasonable under the circumstances. B. If the terms of a trust specify the trustee’s compensation or refer to another ascertainable source for determining that compensation, the trustee is entitled to […]
14-10709. Reimbursement of expenses A. A trustee is entitled to be reimbursed out of the trust property, with reasonable interest, for: 1. Expenses that were properly incurred in the administration of the trust. 2. To the extent necessary to prevent unjust enrichment of the trust, expenses that were not properly incurred in the administration of […]
