N.Y. Estates, Powers and Trusts Law 7-2.6 – Resignation, suspension or removal of trustee
§ 7-2.6 Resignation, suspension or removal of trustee
Terms Used In N.Y. Estates, Powers and Trusts Law 7-2.6
- Trustee: A person or institution holding and administering property in trust.
(a) Subject to the relevant provisions of the civil practice law and rules, the supreme court has power:
(1) On the application of a trustee, to accept his resignation and to discharge him on such terms as it deems proper.
(2) On the application of any person interested in the trust estate, to suspend or remove a trustee who has violated or threatens to violate his trust, who is insolvent or whose insolvency is imminent or apprehended or who for any reason is a person unsuitable to execute the trust.
(3) In case of the resignation or removal of a trustee, to appoint a successor trustee and, if there is no acting trustee, to cause the trust to be executed by a receiver or other officer under its direction. This section does not apply to a trust arising or resulting by implication of law, nor where other provision is made by law for the resignation, suspension or removal of a trustee or the appointment of a successor trustee.