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 the terms is not expressly made exclusive, by accepting delivery of the trust property, exercising powers or performing duties as trustee or otherwise indicating acceptance of the trusteeship.
B. A person designated as trustee who has not yet accepted the trusteeship may reject the trusteeship. A designated trustee who does not accept the trusteeship within a reasonable time after knowing of the designation is deemed to have rejected the trusteeship.
C. A person designated as trustee, without accepting the trusteeship, may:
1. Act to preserve the trust property if, within a reasonable time after acting, the person sends a rejection of the trusteeship to the settlor or, if the settlor is dead or lacks capacity, to a qualified beneficiary.
2. Inspect or investigate trust property to determine potential liability under environmental or other law or for any other purpose.
Section: Previous 14-10504 14-10505 14-10506 14-10507 14-10602 14-10603 14-10604 14-10701 14-10702 14-10703 14-10704 14-10705 14-10706 14-10707 14-10708 NextLast modified: October 13, 2016