Indiana Code 30-4-3-33. Trustee vacancies; priority for filling vacancy
(1) a person designated as trustee does not accept being trustee;
Terms Used In Indiana Code 30-4-3-33
- Attorney: includes a counselor or other person authorized to appear and represent a party in an action or special proceeding. See Indiana Code 1-1-4-5
- Charitable trust: means a trust in which all the beneficiaries are the general public or organizations, including trusts, corporations, and associations, and that is organized and operated wholly for religious, charitable, scientific, public safety testing, literary, or educational purposes. See Indiana Code 30-4-1-2
- Court: means a court having jurisdiction over trust matters. See Indiana Code 30-4-1-2
- Fiduciary: A trustee, executor, or administrator.
- Person: has the meaning set forth in IC 30-2-14-9. See Indiana Code 30-4-1-2
- Trustee: A person or institution holding and administering property in trust.
- Trustee: has the meaning set forth in IC 30-2-14-13. See Indiana Code 30-4-1-2
(3) a trustee resigns;
(4) a trustee is disqualified or removed;
(5) a trustee dies; or
(6) the person designated as trustee lacks capacity.
(b) Except as provided in the terms of a trust, if a trust has at least two (2) cotrustees and at least one (1) cotrustee remains in office, a cotrustee vacancy is not required to be filled. A cotrustee vacancy must be filled if the trust has no remaining cotrustee.
(c) Except as provided in the terms of a trust, a trustee vacancy of a noncharitable trust that is required to be filled must be filled according to the following priority:
(1) A person designated in the terms of the trust to act as successor trustee.
(2) A person appointed by a majority of the qualified beneficiaries.
(3) A person appointed by the court.
(d) Except as provided in the terms of a trust, a trustee vacancy of a charitable trust that is required to be filled must be filled according to the following priority:
(1) A person designated in the terms of the trust to be successor trustee.
(2) A person:
(A) selected by the charitable organizations expressly designated to receive distributions under the terms of the trust; and
(B) whose selection is approved by the attorney general.
(3) A person appointed by the court.
(e) Regardless of whether a trustee vacancy exists or is required to be filled, the court may appoint an additional trustee or a special fiduciary if the court considers the appointment necessary for the administration of the trust.
As added by P.L.238-2005, SEC.39.