Louisiana Revised Statutes 9:1789 – Removal of trustee
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Terms Used In Louisiana Revised Statutes 9:1789
- 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
- Trustee: A person or institution holding and administering property in trust.
A. A trustee shall be removed in accordance with the provisions of the trust instrument or by the proper court for sufficient cause.
B. Additionally, a corporate trustee shall be removed upon the petition of a settlor or any current beneficiary, if the court determines that removal is in the best interest of the beneficiaries as a whole, another corporate entity that is qualified to be a trustee has agreed to serve as the trustee, and the trust instrument does not forbid such removal.
Acts 2001, No. 594, §2.