Section 55-3-20.1 - Grounds for removal of trustee.
55-3-20.1. Grounds for removal of trustee. In addition to other remedies available by law and procedures or powers set out in a trust instrument, the settlor, or the settlor's agent, a cotrustee, or a qualified beneficiary as defined in § 55-2-13, may request the court to remove a trustee, or a trustee may be removed by the court on the court's own initiative.
In addition to the powers otherwise granted the court, the court may remove a trustee if:
(1) The trustee has committed a serious breach of trust;
(2) Lack of cooperation among cotrustees substantially impairs the administration of the trust;
(3) Because of unfitness, unwillingness, persistent failure of the trustee to administer the trust effectively, the court determines that removal of the trustee best serves the interests of the beneficiaries;
(4) There has been a substantial change of circumstances or removal is requested by all of the qualified beneficiaries, the court finds that removal of the trustee best serves the interests of all of the beneficiaries and is not inconsistent with a material purpose of the trust, and a suitable cotrustee or successor trustee is available; or
(5) If the trustee merges with another institution or the location or place of administration of the trust changes, and the court finds that removal of the trustee best serves the interests of all of the beneficiaries, and a suitable cotrustee or successor trustee is available.
Pending a final decision on a request to remove a trustee, the court may order such appropriate relief as may be necessary to protect the trust property or the interests of the beneficiaries.
Source: SL 2009, ch 252, § 23.