§ 26-51. Who to execute the trust until new trustee appointed
The personal representative of a deceased sole trustee or the remaining trustee or trustees, if there were more than one trustee, and one or more but less than all of them have died, resigned, or become incapable of executing the trust on account of physical or mental disability or confinement in prison or other institution, or have become ineligible to continue to serve as trustee because of removal from the Commonwealth of themselves where residency is statutorily required, or have otherwise become ineligible to continue serving as trustee, shall execute the trust, or so much thereof as remained unexecuted at the death or resignation or at the time such lack of capacity to execute the trust or such ineligibility came into being (whether the trust subject is real or personal property) until an appointment is made pursuant to § 26-48 unless the instrument creating the trust directs otherwise, or some other trustee is appointed for the purpose by a circuit court having jurisdiction of the case. In the case of removal of the trust management function by a corporate trustee, the corporate trustee shall continue to execute the trust until such time as an appointment is made pursuant to § 26-48.
The provisions of this section shall not apply to any trust governed by the Uniform Trust Code (§ 55-541.01 et seq.).
(Code 1919, § 6300; 1930, p. 350; 1940, p. 302; 1942, p. 168; 1998, cc. 392, 410; 2001, c. 38; 2005, c. 935.)
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