New Jersey Statutes 3B:31-49. Vacancy in trusteeship; appointment of successor
Terms Used In New Jersey Statutes 3B:31-49
- person: includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless restricted by the context to an individual as distinguished from a corporate entity or specifically restricted to one or some of the above enumerated synonyms and, when used to designate the owner of property which may be the subject of an offense, includes this State, the United States, any other State of the United States as defined infra and any foreign country or government lawfully owning or possessing property within this State. See New Jersey Statutes 1:1-2
- Trustee: A person or institution holding and administering property in trust.
a. A vacancy in a trusteeship occurs if:
(1) a person designated as trustee renounces the trusteeship;
(2) a person designated as trustee cannot be identified or does not exist;
(3) a trustee resigns or is discharged;
(4) a trustee is disqualified or removed;
(5) a trustee dies; or
(6) a guardian or conservator is appointed for an individual serving as trustee.
b. If one or more co-trustees remain in office, a vacancy in a trusteeship need not be filled unless the trust instrument provides otherwise. A vacancy in a trusteeship shall be filled if the trust has no remaining trustee.
c. A vacancy in a trusteeship of a noncharitable trust that is required to be filled shall be filled in the following order of priority:
(1) by a person designated pursuant to the terms of the trust to act as successor trustee;
(2) by a procedure established pursuant to the terms of the trust to appoint a successor trustee;
(3) by a person appointed by unanimous agreement of the qualified beneficiaries; or
(4) by a person appointed by the court.
d. A vacancy in a trusteeship of a charitable trust that is required to be filled shall be filled in the following order of priority:
(1) by a person designated pursuant to the terms of the trust to act as successor trustee; or
(2) by a person appointed by the court.
e. 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 desirable for the administration of the trust.
f. A person appointed to fill a vacancy in a trusteeship shall have all the powers and discretions of the original trustee.
L.2015, c.276, s.1.