Ohio Code 5807.05 – Resignation of trustee – notice – approval
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(A) A trustee may resign upon at least thirty days’ notice to the qualified beneficiaries, the settlor, if living, and all cotrustees or with the approval of the court.
Terms Used In Ohio Code 5807.05
- Bond: includes an undertaking. See Ohio Code 1.02
- Property: means real and personal property. See Ohio Code 1.59
- Trustee: A person or institution holding and administering property in trust.
(B) In approving a resignation of a trustee, the court may issue orders and impose conditions reasonably necessary for the protection of the trust property.
(C) 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.