91-9-203 - Resignation of trustee and appointment of successor.
§ 91-9-203. Resignation of trustee and appointment of successor.
Any trustee has the right to resign at any time by giving at least thirty (30) days' written notice to that effect, specifying the effective date of such resignation, to the beneficiaries, at the time of giving notice, of the current income of the trust property and to the beneficiaries of the principal of the trust whose interests are then vested. If a trustee at any time resigns or is unable to act for any reason, a successor trustee may be appointed by an instrument delivered to such successor, with a copy to the existing trustee, and signed by the beneficiaries, at the time of such appointment, of more than one half (1/2) of the current income of the trust property and by the beneficiaries of more than one half (1/2) of that portion of the principal of the trust which is then vested, if any there be. In the event such beneficiary or beneficiaries shall fail to designate a successor trustee within the time specified, the then acting trustee or any other party in interest may petition a court of competent jurisdiction for the appointment of a successor and the judicial settlement of the accounts of the then acting trustee. In any court proceeding to designate a successor trustee or to settle the accounts of the existing trustee, only the beneficiaries then entitled to participate in income and those principal beneficiaries who have a vested interest in the trust estate shall be necessary parties thereto. Any action therein by or against such beneficiaries or parties shall be binding on all persons, either in being or not, who have or may have any interest in the trust; and hearing thereon may be had at any time before the court or before a judge thereof in vacation.
Sources: Codes, 1942, § 672-152; Laws, 1966, ch. 373, § 2, eff from and after passage (approved May 6, 1966).