§704. Vacancy in trusteeship; appointment of successor
1.
Vacancy.
A vacancy in a trusteeship occurs if:
A.
A person designated as trustee rejects the trusteeship;
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
B.
A person designated as trustee can not be identified or does not exist;
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
C.
A trustee resigns;
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
D.
A trustee is disqualified or removed;
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
E.
A trustee dies; or
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
F.
A guardian or conservator is appointed for an individual serving as trustee.
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
2.
Filling of vacancies.
If one or more cotrustees remain in office, a vacancy in a trusteeship need not be filled. A vacancy in a trusteeship must be filled if the trust has no remaining trustee.
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
3.
Order of priority; noncharitable trust.
A vacancy in a trusteeship of a noncharitable trust that is required to be filled must be filled in the following order of priority:
A.
By a person designated in the terms of the trust to act as successor trustee;
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
B.
By a person appointed by unanimous agreement of the qualified beneficiaries; or
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
C.
By a person appointed by the court.
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
4.
Order of priority; charitable trust.
A vacancy in a trusteeship of a charitable trust that is required to be filled must be filled in the following order of priority:
A.
By a person designated in the terms of the trust to act as successor trustee;
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
B.
By a person appointed by unanimous agreement of the charitable organizations expressly designated to receive distributions under the terms of the trust; or
[PL 2005, c. 184, §14 (AMD).]
C.
By a person appointed by the court.
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
[PL 2005, c. 184, §14 (AMD).]
5.
Appointment by court.
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 necessary for the administration of the trust.
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
SECTION HISTORY
PL 2003, c. 618, §A1 (NEW). PL 2003, c. 618, §A2 (AFF). PL 2005, c. 184, §14 (AMD).