§ 26-48. Court may appoint trustee in place of one dead, resigned, etc
When a trustee in a will, deed or other writing (i) dies, (ii) becomes incapable of executing the trust on account of physical or mental disability or confinement in prison, (iii) when residency is statutorily required, removes beyond the limits of the Commonwealth, (iv) declines to accept the trust, (v) having accepted, resigns the same, as he may be allowed to do, (vi) if such trustee is a corporation, is adjudicated a bankrupt, or for any reason loses its charter, (vii) for any other reason ceases to be eligible to continue serving as trustee, or (viii) for any other good cause shown, the circuit court of the county or city in which such will was admitted to probate, or such deed or other writing is or might have been recorded, or if the trustee is a corporation, in which its principal office in the Commonwealth is located, or in which the trustee resides, may on motion of any party interested, and upon satisfactory evidence of such death, incapacity, confinement, removal, declination, resignation, bankruptcy, loss of charter, or other loss of eligibility or of such other good cause, appoint a trustee or trustees in place of the trustee or trustees named in such instrument.
In addition, the court may appoint a substitute corporate trustee whenever a corporate trustee removes the management function over an existing trust which was previously managed in the Commonwealth to a jurisdiction outside of the Commonwealth if the court finds that the management of such trust after such removal results in good cause for the substitution of such trustee. A corporate trustee that maintains a place of business in the Commonwealth where one or more trust officers are available on a regular basis for personal contact with trust customers or beneficiaries shall not be deemed to have removed such management function.
(Code 1919, § 6298; 1930, p. 350; 1934, p. 162; 1950, p. 457; 1998, cc. 392, 410.)
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