Version a
Acceptance by trustee
Note: This version of section effective until 1-1-2006. See also
following version of this section, effective 1-1-2006.
Sec. 2. (Acceptance by Trustee)
With respect to acceptance of a trust by a person named as trustee:
(a) The appearance of the named person's signature on the writing
which is the evidence of the trust or on a separate written acceptance
will be conclusive that he accepted the trust.
(b) Except as provided in subsection (d) of this section, if the
named person exercises powers or performs duties under the trust, he
will be presumed to have accepted the trust.
(c) The named person may reject the trust in writing and, if he
does so, will incur no liability. If, after being informed that he has
been named as trustee, he neither expressly accepts the trust nor
exercises powers or performs duties under the trust within a
reasonable time he will be presumed to have rejected the trust.
(d) If there is an immediate risk of damage to the trust estate, the
named person may act to preserve the trust estate and will not be
presumed to have accepted the trust, provided he delivers a written
rejection to the settlor at or within a reasonable time after he acts, or,
if the settlor is dead, to the beneficiary or the court having
jurisdiction over the administration of the trust estate.
(e) If the person named as the original trustee does not accept the
trust, or if he is dead or does not have capacity to act as trustee, the
person named as the alternate trustee under the terms of the trust, or
selected as alternate trustee according to a method prescribed in the
terms of the trust, may accept the trust. If no person is named as
trustee or if there is no alternate trustee designated or selected in the
manner prescribed in the terms of the trust, the court shall appoint a
trustee.
(Formerly: Acts 1971, P.L.416, SEC.3.)
Last modified: May 27, 2006