Montana Code 72-38-704. Vacancy in trusteeship — appointment of successor
72-38-704. Vacancy in trusteeship — appointment of successor. (1) A vacancy in a trusteeship occurs if:
Terms Used In Montana Code 72-38-704
- Conservator: means a person appointed by the court to administer the estate of a minor or adult individual. See Montana Code 72-38-103
- Fiduciary: A trustee, executor, or administrator.
- Person: means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government, governmental subdivision, agency, or instrumentality, public corporation, or any other legal or commercial entity. See Montana Code 72-38-103
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes an original, additional, and successor trustee and a cotrustee. See Montana Code 72-38-103
(a)a person designated as trustee rejects the trusteeship;
(b)a person designated as trustee cannot be identified or does not exist;
(c)a trustee resigns;
(d)a trustee is disqualified or removed;
(e)a trustee dies;
(f)a guardian or conservator is appointed for an individual serving as trustee; or
(g)a trustee has been ordered committed as provided in 53-21-102.
(2)If one or more cotrustees remain in office, a vacancy in a trusteeship need not be filled. A vacancy in a trusteeship must be filled if the trust has no remaining trustee.
(3)A vacancy in a trusteeship of a 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)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.