Trustee; removal upon petition of assignor or creditor
Sec. 5. (a) If the trustee fails to comply with the provisions of
sections 1 through 4 of this chapter, the judge of the circuit court or
the clerk of the circuit court may, at the instance of the assignor or a
creditor, by petition:
(1) remove the trustee; and
(2) appoint another suitable person as trustee.
(b) A replacement trustee shall:
(1) comply with the requirements specified in this chapter;
(2) immediately take possession and control of the property
assigned; and
(3) enter upon the execution of the trust, as provided in this
chapter.
As added by P.L.2-2002, SEC.3.
Last modified: May 24, 2006