58a-701. Accepting or declining trusteeship.
58a-701
58a-701. Accepting or decliningtrusteeship.(a) Exceptas otherwise provided in subsection (c), a person designated as trusteeaccepts the trusteeship:
(1) By substantially complying with a method of acceptance provided inthe termsof the trust; or
(2) if the terms of the trust do not provide a method or the methodprovided in theterms is not expressly made exclusive, by accepting delivery of the trustproperty, exercising powersor performing duties as trustee, or otherwise indicating acceptance of thetrusteeship.
(b) A person designated as trustee who has not yet accepted the trusteeshipmay rejectthe trusteeship. A designated trustee who does not accept the trusteeshipwithin a reasonable timeafter knowing of the designation is deemed to have rejected the trusteeship.
(c) A person designated as trustee, without accepting the trusteeship, may:
(1) Act to preserve the trust property if, within a reasonable time afteracting, theperson sends a rejection of the trusteeship to the settlor or, if the settloris dead or lacks capacity, toa qualified beneficiary; and
(2) inspect or investigate trust property to determine potential liabilityunderenvironmental or other law or for any other purpose.
History: L. 2002, ch. 133, § 49; Jan. 1, 2003.