3B:31-48 Co-trustees.
3B:31-48. Co-trustees.
a.Co-trustees who are unable to reach a unanimous decision may act by majority decision. A dissenting trustee who joins in carrying out a decision of the majority but expresses his dissent in writing promptly to his co-trustees shall not be liable for the act of the majority.
b.If a vacancy occurs in a co-trusteeship, the remaining co-trustees shall act for the trust unless the trust instrument provides otherwise.
c.A co-trustee shall participate in the performance of a trustee's function unless the co-trustee is unavailable to perform the function because of absence, illness, disqualification under other law, or other temporary incapacity or the co-trustee has properly delegated the performance of the function to another trustee.
d.If a co-trustee is unavailable to perform duties because of absence, illness, disqualification under other law, other temporary incapacity, or a vacancy remains unfilled and prompt action is necessary to achieve the purposes of the trust or to avoid injury to the trust property, the remaining co-trustee or a majority of the remaining co-trustees shall act for the trust.
e.A trustee may not delegate to a co-trustee the performance of a function the settlor reasonably expected the trustees to perform jointly. Unless a delegation was irrevocable, a trustee may revoke a delegation previously made.
f.A trustee who does not join in an action of a co-trustee or co-trustees because of absence, illness, disqualification or other temporary incapacity shall not be liable for that action.
g.Notwithstanding subsection a. or f. of this section, every trustee shall exercise reasonable care to:
(1)prevent a co-trustee from committing a breach of trust; and
(2)compel a co-trustee to redress a breach of trust.
L.2015, c.276, s.1.
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Last modified: October 11, 2016