27.03.2014 Views

uniform trust code - Kansas Judicial Branch

uniform trust code - Kansas Judicial Branch

uniform trust code - Kansas Judicial Branch

SHOW MORE
SHOW LESS

Create successful ePaper yourself

Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.

1<br />

2<br />

3<br />

4<br />

5<br />

6<br />

"(d) (e) Whether or not a vacancy in a <strong>trust</strong>eeship exists or is<br />

required to be filled, the court may appoint an additional <strong>trust</strong>ee or<br />

special fiduciary whenever the court considers the appointment<br />

necessary for the administration of the <strong>trust</strong>."<br />

Subsection (d) is added to clarify the procedure for appointing the successor <strong>trust</strong>ee of a<br />

charitable <strong>trust</strong>.<br />

7<br />

8<br />

9<br />

10<br />

11<br />

12<br />

13<br />

14<br />

15<br />

16<br />

17<br />

18<br />

19<br />

20<br />

21<br />

22<br />

23<br />

24<br />

25<br />

26<br />

27<br />

28<br />

29<br />

30<br />

SECTION 705. RESIGNATION OF TRUSTEE.<br />

(a) A <strong>trust</strong>ee may resign:<br />

(1) upon at least 30 days’ notice to the qualified beneficiaries, the settlor, if<br />

living, and all co<strong>trust</strong>ees; or<br />

(2) with the approval of the court.<br />

(b) In approving a resignation, the court may issue orders and impose conditions<br />

reasonably necessary for the protection of the <strong>trust</strong> property.<br />

(c) Any liability of a resigning <strong>trust</strong>ee or of any sureties on the <strong>trust</strong>ee’s bond for acts<br />

or omissions of the <strong>trust</strong>ee is not discharged or affected by the <strong>trust</strong>ee’s resignation.<br />

<strong>Kansas</strong> Comment<br />

Subsection (a)(1) is new.<br />

Subsection (a)(2) conforms to <strong>Kansas</strong> law. See K.S.A. 58-2411 (upon petition of any <strong>trust</strong>ee<br />

of an express <strong>trust</strong>, court may accept <strong>trust</strong>ee’s resignation and discharge him from the <strong>trust</strong>); K.S.A.<br />

59-1709 (fiduciary may resign his <strong>trust</strong> at any time, but fiduciary’s resignation shall not be effective<br />

until court has examined and allowed his final account and made an order accepting such<br />

resignation).<br />

Subsection (b) conforms to <strong>Kansas</strong> law. See K.S.A. 58-2411 (court may accept <strong>trust</strong>ee’s<br />

resignation and discharge him or her upon such terms as the rights of the persons interested in the<br />

execution of the <strong>trust</strong> may require).<br />

Subsection (c) conforms to <strong>Kansas</strong> law. See K.S.A. 59-1710 (acceptance of the resignation<br />

of a fiduciary and the appointment of another shall not affect the liability of such former fiduciary,<br />

121

Hooray! Your file is uploaded and ready to be published.

Saved successfully!

Ooh no, something went wrong!