Sec. 7705.
(1) A trustee may resign in either of the following circumstances:
(a) Upon at least 28 days' notice to the qualified trust beneficiaries, the holders of powers of appointment, and all cotrustees.
(b) With the approval of the court.
(2) In approving a resignation, the court may issue orders and impose conditions reasonably necessary for the protection of the trust property.
(3) Any liability of a resigning trustee or of any sureties on the trustee's bond for acts or omissions of the trustee is not discharged or affected by the trustee's resignation.
History: Add. 2009, Act 46, Eff. Apr. 1, 2010
Popular Name: EPIC
Last modified: October 10, 2016