(1) |
A trustee may resign:
Terms Used In Utah Code 75-7-705- Property: includes both real and personal property. See Utah Code 68-3-12.5
- Trustee: A person or institution holding and administering property in trust.
(a) |
upon at least 30 days’ notice to the qualified beneficiaries, the settlor, if living, and all cotrustees; or |
(b) |
with the approval of the court. |
|
(2) |
In approving a resignation, the court may issue orders and impose conditions reasonably necessary for the protection of the trust property. |
(3) |
Any liability of a resigning trustee or of any sureties on the trustee’s bond for acts or omissions of the trustee is not discharged or affected by the trustee’s resignation. |
Enacted by Chapter 89, 2004 General Session