2023 Michigan Laws 700.7705 – Resignation of trustee; circumstances; issuance of orders and conditions; liability
Current as of: 2023 | Check for updates
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(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.