Connecticut General Statutes 45a-499uu – Vacancy in trusteeship; appointment of successor
(a) 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 conservator is appointed for an individual serving as trustee.
Terms Used In Connecticut General Statutes 45a-499uu
- Charitable trust: means a trust, or part of a trust, created (A) for a charitable purpose described in §. See Connecticut General Statutes 45a-499c
- Court: means a court of this state having jurisdiction over the matter pursuant to sections 45a-499o and 45a-499p or a court of another state having jurisdiction under the law of the other state. See Connecticut General Statutes 45a-499c
- Fiduciary: A trustee, executor, or administrator.
- Inter vivos: Transfer of property from one living person to another living person.
- Person: means an individual, corporation, statutory or business trust, estate, trust, partnership, limited liability company, association, joint venture, court, government, governmental subdivision, agency or instrumentality, public corporation or any other legal or commercial entity. See Connecticut General Statutes 45a-499c
- Probate: Proving a will
- Testamentary trust: means a trust created under a will and, unless otherwise expressly provided, any trust established pursuant to an order of the Probate Court. See Connecticut General Statutes 45a-499c
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes an original, additional and successor trustee and a cotrustee. See Connecticut General Statutes 45a-499c
(b) If one or more cotrustees remain in office, a vacancy in a trusteeship of a noncharitable trust need not be filled, unless otherwise required by the terms of the trust. A vacancy in a trusteeship shall be filled if the trust has no remaining trustee. A vacancy in a trusteeship of a charitable trust shall be filled, unless otherwise excused by the terms of the trust.
(c) A vacancy in a trusteeship required to be filled shall be filled in the following order of priority: (1) By a person designated in the terms of the trust to act as successor trustee or appointed according to a procedure specified in the terms and, in the case of a testamentary trust, appointed by the Probate Court; (2) in the case of a noncharitable, inter vivos trust, by a person appointed by unanimous agreement of the qualified beneficiaries; or (3) by a person appointed by the court.
(d) 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 whenever the court considers the appointment necessary for the administration of the trust.