2015 New Jersey Revised Statutes
Title 3B - ADMINISTRATION OF ESTATES--DECEDENTS AND OTHERS
Section 3B:31-52 - Delivery of property by former trustee.
3B:31-52 Delivery of property by former trustee.
3B:31-52. Delivery of Property by Former Trustee.
a.Unless a co-trustee remains in office or the court otherwise orders, and until the trust property is delivered to a successor trustee or other person entitled to it, a trustee who has resigned or been removed has the duties of a trustee and the powers necessary to protect the trust property.
b.A trustee who has resigned or been removed shall proceed expeditiously to deliver the trust property within the trustee's possession to the co-trustee, successor trustee, or other person entitled to it, but a resigning trustee may retain a reasonable reserve for the costs of finalizing that trustee's administration of the trust.
L.2015, c.276, s.1.
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