Kentucky Statutes 386B.7-050 – Resignation of trustee
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(1) A trustee may resign:
(a) Upon at least thirty (30) days’ notice to the qualified beneficiaries and all cotrustees; or
(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 shall not be discharged or affected by the trustee’s resignation.
Effective: July 15, 2014
History: Created 2014 Ky. Acts ch. 25, sec. 54, effective July 15, 2014.
(a) Upon at least thirty (30) days’ notice to the qualified beneficiaries and all cotrustees; or
Terms Used In Kentucky Statutes 386B.7-050
- Property: means anything that may be the subject of ownership, whether legal or equitable, or any interest therein. See Kentucky Statutes 386B.1-010
- Trust: means an express trust established by a trust instrument, including a will, whereby a trustee has the duty to administer a trust asset for the benefit of a named or otherwise described income or principal beneficiary, or both. See Kentucky Statutes 386B.1-010
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes an original, additional, and successor trustee, and a cotrustee. See Kentucky Statutes 386B.1-010
(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 shall not be discharged or affected by the trustee’s resignation.
Effective: July 15, 2014
History: Created 2014 Ky. Acts ch. 25, sec. 54, effective July 15, 2014.