91-9-113 - Powers exercisable by joint trustees.
§ 91-9-113. Powers exercisable by joint trustees.
Any power vested in three (3) or more trustees may be exercised by a majority, but a trustee who has not joined in exercising a power is not liable to the beneficiaries or to others for the consequences of the exercise; and a dissenting trustee is not liable for the consequences of an act in which he joins at the direction of the majority of the trustees, if he expressed his dissent in writing to any of his cotrustees at or before the time of the joinder.
If two (2) or more trustees are appointed to perform a trust, and if any of them is unable or refuses to accept the appointment or, having accepted, ceases to be a trustee, the surviving or remaining trustees shall perform the trust and succeed to all the powers, duties, and discretionary authority given to the trustees jointly.
This section does not excuse a cotrustee from liability for failure either to participate in the administration of the trust or to attempt to prevent a breach of trust.
Sources: Codes, 1942, § 672-126; Laws, 1966, ch. 372, § 6, eff from and after June 30, 1966.