LD 921
pg. 25
Page 24 of 58 PUBLIC Law Chapter 618 Page 26 of 58
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LR 466
Item 1

 
other temporary incapacity, the remaining cotrustee or a majority
of the remaining cotrustees may act for the trust.

 
5.__Delegation.__A trustee may not delegate to a cotrustee the
performance of a function the settlor reasonably expected the
trustees to perform jointly.__Unless a delegation was
irrevocable, a trustee may revoke a delegation previously made.

 
6.__Liability.__Except as otherwise provided in subsection 7,
a trustee who does not join in an action of another trustee is
not liable for the action.

 
7.__Reasonable care.__Each trustee shall exercise reasonable
care to:

 
A.__Prevent a cotrustee from committing a serious breach of
trust; and

 
B.__Compel a cotrustee to redress a serious breach of trust.

 
8.__Dissenting trustee.__A dissenting trustee who joins in an
action at the direction of the majority of the trustees and who
notified in writing any cotrustee of the dissent at or before the
time of the action is not liable for the action unless the action
is a serious breach of trust.

 
§704.__Vacancy in trusteeship; appointment of successor

 
1.__Vacancy.__A vacancy in a trusteeship occurs if:

 
A.__A person designated as trustee rejects the trusteeship;

 
B.__A person designated as trustee can not be identified or
does not exist;

 
C.__A trustee resigns;

 
D.__A trustee is disqualified or removed;

 
E.__A trustee dies; or

 
F.__A guardian or conservator is appointed for an individual
serving as trustee.

 
2.__Filling of vacancies.__If one or more cotrustees remain in
office, a vacancy in a trusteeship need not be filled.__A vacancy
in a trusteeship must be filled if the trust has no remaining
trustee.


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