(a) When a sale has been held, the trustee is entitled to such compensation, if any, as is stipulated in the instrument.
(b) When no sale has actually been held, compensation for a trustee's services is determined as follows:
(1) If no compensation for the trustee's services in holding a sale is provided for in the instrument, the trustee is not entitled to any compensation;
(2) If compensation is specifically provided for the trustee's services when no sale is actually held, the trustee is entitled to such compensation;
(3) If the instrument provides for compensation for the trustee's services in actually holding a sale, but does not provide compensation for the trustee's services when no sale is actually held, the trustee is entitled to compensation as follows: (i) one-fourth of the completed sale compensation before the trustee files the notice of hearing; (ii) one-half after the filing of the notice of hearing; and (iii) three-fourths after the hearing.
(4) Repealed by Session Laws 1993, c. 305, s. 7. (1949, c. 720, s. 1; 1993, c. 305, s. 7.)
Last modified: March 23, 2014