Title 18-B: TRUSTS

Part 1: MAINE UNIFORM TRUST CODE

Chapter 7: OFFICE OF TRUSTEE

§705. Resignation of trustee

1.  Resignation.  A trustee may resign:  

A. Upon at least 30 days' notice to the qualified beneficiaries, the settlor, if living, and all cotrustees; or   [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]

B. With the approval of 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).]

2.  Approval by court.  In approving a resignation, the court may issue orders and impose conditions reasonably necessary for the protection of the trust property.  

[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]

3.  Liability.  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.  

[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).