91-9-205 - Accounting and discharge of trustee.
§ 91-9-205. Accounting and discharge of trustee.
The delivery by the trustee to the successor trustee of all property comprising the trust and the receipt of the successor therefor, accompanied by an approval of the trustee's accounting by the beneficiaries who appointed the successor trustee or by a court of competent jurisdiction, shall constitute a complete acquittal and discharge of the trustee. In the event the designation of a successor trustee is accomplished without court action, then the beneficiaries shall be deemed to have approved the accounting of the trustee ninety (90) days after a copy of said accounting has been mailed, postage prepaid, to the last known address of each income beneficiary and each principal beneficiary who has a vested interest in the trust, unless within said time such beneficiary shall notify the trustee in writing of his specific objections to the account.
Sources: Codes, 1942, § 672-153; Laws, 1966, ch. 373, § 3, eff from and after passage (approved May 6, 1966).