2021 New Jersey Revised Statutes
Title 3B - Administration of Estates--Decedents and Others
Section 3B:31-50 - Resignation of trustee.

Universal Citation: NJ Rev Stat § 3B:31-50 (2021)

3B:31-50 Resignation of trustee.

3B:31-50. Resignation of Trustee.

a. A trustee may resign:

(1) upon at least 30 days' notice to the qualified beneficiaries, the settlor, if living, all co-trustees, and the trustee or trustees, if any, designated pursuant to the terms of the trust to succeed the resigning trustee; or

(2) with the approval of the court.

b. In approving a resignation, 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.

L.2015, c.276, s.1.

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