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Uniform Trust Code

Article 7. Office of Trustee

General Comment

This article contains a series of default rules dealing with the office of trustee. Sections 701 and 702 address the process for getting a trustee into office, including the procedures for indicating an acceptance and whether bond will be required. Section 703 addresses cotrustees, permitting the cotrustees to act by majority action and specifying the extent to which one trustee may delegate to another. Sections 704 through 707 address changes in the office of trustee, specifying the circumstances when a vacancy must be filled, the procedure for resignation, the grounds for removal, and the process for appointing a successor. Sections 708 and 709 prescribe the standards for determining trustee compensation and reimbursement for expenses advanced.

Except for the court’s authority to order bond, all of the provisions of this article are subject to modification in the terms of the trust. See Section 105.

Section 701. Accepting or Declining Trusteeship

Section 702. Trustee's Bond

Section 703. Cotrustees

Section 704. Vacancy in Trusteeship; Appointment of Successor

Section 705. Resignation of Trustee

Section 706. Removal of Trustee

Section 707. Delivery of Property by Former Trustee

Section 708. Compensation of Trustee

Section 709. Reimbursement of Expenses
 
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