2013 Maine Revised Statutes
TITLE 18-B: TRUSTS
Chapter 7: OFFICE OF TRUSTEE
18-B §705. Resignation of trustee
Part 1: MAINE UNIFORM TRUST CODE HEADING: PL 2003, C. 618, PT. A, §1 (NEW); §2 (AFF) EFFECTIVE 7/1/05
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 [2003, c. 618, Pt. A, 1 (NEW); 2003, c. 618, Pt. A, 2 (AFF).]
B. With the approval of the court. [2003, c. 618, Pt. A, 1 (NEW); 2003, c. 618, Pt. A, 2 (AFF).]
[ 2003, c. 618, Pt. A, 1 (NEW); 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.
[ 2003, c. 618, Pt. A, 1 (NEW); 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.
[ 2003, c. 618, Pt. A, 1 (NEW); 2003, c. 618, Pt. A, 2 (AFF) .]
SECTION HISTORY
2003, c. 618, A1 (NEW). 2003, c. 618, A2 (AFF).
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