7764 - Vacancy in trusteeship; appointment of successor - UTC 704.
§ 7764. Vacancy in trusteeship; appointment of successor - UTC 704. (a) When vacancy occurs.--A vacancy in a trusteeship occurs if: (1) a person designated as trustee rejects the trusteeship; (2) a person designated as trustee cannot be identified or does not exist; (3) a trustee resigns; (4) a trustee is disqualified or removed; (5) a trustee dies; or (6) a trustee is determined by the court to be incapacitated pursuant to section 5511 (relating to petition and hearing; independent evaluation). (b) Filling of vacancy.--A vacancy in a trusteeship need not be filled if one or more cotrustees remain in office and the trust instrument does not require that it be filled. A vacancy shall be filled if the trust has no remaining trustee. (c) Filling vacancy for noncharitable trust.--A vacancy in a trusteeship of a noncharitable trust that is required to be filled shall be filled in the following order of priority: (1) by a person designated in or pursuant to the provisions of the trust instrument to act as successor trustee; (2) by a person appointed by unanimous written agreement of the qualified beneficiaries; or (3) by a person appointed by the court. (d) Filling vacancy for charitable trust.--A vacancy in a trusteeship of a charitable trust that is required to be filled shall be filled in the following order of priority: (1) by a person designated in or under the provisions of the trust instrument to act as successor trustee; (2) by a person selected by unanimous written agreement of the qualified beneficiaries if the Office of Attorney General concurs in the selection; or (3) by a person appointed by the court. (e) Appointment by court.--Whether or not a vacancy in a trusteeship exists or is required to be filled, the court may appoint an additional trustee or special fiduciary if the court considers the appointment desirable for the administration of the trust. (f) Filing appointment.--An appointment of a trustee and an acceptance of an appointment of a trustee may be filed with the clerk of court having jurisdiction over the trust. Cross References. Section 7764 is referred to in section 7708 of this title.