(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; or
(6) a guardian of the person or conservator is appointed for an individual serving as trustee.
(b) If one (1) or more cotrustees remain in office, a vacancy in a trusteeship need not be filled. A vacancy in a trusteeship must be filled if the trust has no remaining trustee.
(c) A vacancy in a trusteeship of a noncharitable trust that is required to be filled must be filled in the following order of priority:
(1) by a person designated in the terms of the trust to act as successor trustee;
(2) by a person appointed by unanimous agreement of the qualified beneficiaries; or
(3) by a person appointed by a court.
(d) A vacancy in a trusteeship of a charitable trust that is required to be filled must be filled in the following order of priority:
(1) by a person designated in the terms of the trust to act as successor trustee;
(2) by a person selected by the charitable organizations expressly designated to receive distributions under the terms of the trust if the Attorney General concurs in the selection; or
(3) by a person appointed by a court.
(e) Whether or not a vacancy in a trusteeship exists or is required to be filled, a court may appoint an additional trustee or special fiduciary whenever the court considers the appointment necessary for the administration of the trust.
Section: Previous 28-73-702 28-73-703 28-73-704 28-73-705 28-73-706 28-73-707 28-73-708 28-73-709 NextLast modified: November 15, 2016