[§554A-6] Powers exercisable by joint trustees; liability. (a) Any power vested in three or more trustees may be exercised by a majority, but a trustee who has not joined in exercising a power is not liable to the beneficiaries or to others for the consequences of the exercise; and a dissenting trustee is not liable for the consequences of an act in which the trustee joins at the direction of the majority of the trustees, if the trustee expressed a dissent in writing to any of the co-trustees at or before the time of the joinder.
(b) If two or more trustees are appointed to perform a trust, and if any of them is unable or refuses to accept the appointment, or, having accepted, ceases to be a trustee, the surviving or remaining trustees shall perform the trust and succeed to all the powers, duties, and discretionary authority given to the trustees jointly.
(c) This section does not excuse a co-trustee from liability for failure either to participate in the administration of the trust or to attempt to prevent a breach of trust. [L 1985, c 61, pt of §1]
Section: Previous 554a-1 554a-2 554a-3 554a-4 554a-5 554a-6 554a-7 554a-8 554a-9 554a-10 554a-11 NextLast modified: October 27, 2016