LD 921
pg. 26
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LR 466
Item 1

 
3.__Order of priority; noncharitable trust.__A vacancy in a
trusteeship of a noncharitable trust that is required to be
filled must be filled in the following order of priority:

 
A.__By a person designated in the terms of the trust to act
as successor trustee;

 
B.__By a person appointed by unanimous agreement of the
qualified beneficiaries; or

 
C.__By a person appointed by the court.

 
4.__Order of priority; charitable trust.__A vacancy in a
trusteeship of a charitable trust that is required to be filled
must be filled in the following order of priority:

 
A.__By a person designated in the terms of the trust to act
as successor trustee;

 
B.__By a person appointed by unanimous agreement of the
charitable organizations expressly designated to receive
distributions under the terms of the trust if the Attorney
General concurs in the appointment; or

 
C.__By a person appointed by the court.

 
5.__Appointment by court.__Whether or not a vacancy in a
trusteeship exists or is required to be filled, the court may
appoint an additional trustee or special fiduciary whenever the
court considers the appointment necessary for the administration
of the trust.

 
§705.__Resignation of trustee

 
1.__Resignation.__A trustee may resign:

 
A.__Upon at least 30 days' notice to the qualified
beneficiaries, the settlor, if living, and all cotrustees;
or

 
B.__With the approval of the court.

 
2.__Approval by court.__In approving a resignation, the court
may issue orders and impose conditions reasonably necessary for
the protection of the trust property.

 
3.__Liability.__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.


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