Montana Code 72-38-705. Resignation of trustee
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72-38-705. Resignation of trustee. (1) A trustee may resign:
Terms Used In Montana Code 72-38-705
- Property: means anything that may be the subject of ownership, whether real or personal, legal or equitable, or any interest therein. See Montana Code 72-38-103
- Settlor: means a person, including a testator, who creates or contributes property to a trust. 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)upon at least 30 days’ notice to the qualified beneficiaries, the settlor, if living, 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 is not discharged or affected by the trustee’s resignation.