Delaware Code Title 12 Sec. 3326 – Resignation of an officeholder
(a) For purposes of this section and § 3327 of this title, the term “officeholder” includes a trustee, an adviser as defined in § 3313 of this title, and a designated representative as defined in § 3339 of this title.
Terms Used In Delaware Code Title 12 Sec. 3326
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Court: means the Court of Chancery. See Delaware Code Title 12 Sec. 39A-101
- Fiduciary: A trustee, executor, or administrator.
- Trustee: A person or institution holding and administering property in trust.
(b) An officeholder may resign:
(1) If the governing instrument expressly permits the officeholder to resign, in accordance with the terms of the governing instrument;
(2) If the governing instrument neither expressly permits nor prohibits the officeholder’s resignation, but establishes a procedure for the appointment of a successor officeholder who shall be willing and able to serve as such, upon 30 days written notice to the beneficiaries, those holding the power to appoint a successor officeholder, and any other officeholders; or
(3) In all other cases, with the approval of the Court of Chancery.
(c) A beneficiary or other officeholder may waive the notice otherwise required by this section.
(d) In approving a resignation, the Court of Chancery may impose orders and conditions reasonably necessary for the protection of the trust property, including the appointment of a special fiduciary.
(e) Any liability of a resigning officeholder or of any sureties on the officeholder’s bond, if any, for acts or omissions of a resigning officeholder is not discharged or affected by the officeholder’s resignation.
72 Del. Laws, c. 388, § ?6; 74 Del. Laws, c. 82, § ?7; 83 Del. Laws, c. 69, § 2;