Version b
Acceptance by trustee
Note: This version of section effective 1-1-2006. See also
preceding version of this section, effective until 1-1-2006.
Sec. 2. (a) This section applies to the acceptance of a trust by a
person named as trustee.
(b) 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 the named person accepted the trust.
(c) Except as provided in subsection (e), if the named person
exercises powers or performs duties under the trust, the named
person will be presumed to have accepted the trust.
(d) The named person may reject the trust in writing and, if the
named person does so, will incur no liability. If, after being informed
that the named person has been named as trustee, the named person
neither expressly accepts the trust nor exercises powers or performs
duties under the trust within a reasonable time, the named person will
be presumed to have rejected the trust.
(e) 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 the named person
delivers a written rejection to the settlor at or within a reasonable
time after the named person acts, or, if the settlor is dead, to the
beneficiary or the court having jurisdiction over the administration
of the trust estate.
(Formerly: Acts 1971, P.L.416, SEC.3.) As amended by
P.L.238-2005, SEC.23.
Last modified: May 27, 2006