North Dakota Code 59-15-05 – (705) Resignation of trustee
Current as of: 2023 | Check for updates
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1. A trustee may resign:
Terms Used In North Dakota Code 59-15-05
- Property: includes property, real and personal. See North Dakota Code 1-01-49
- Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
- Trustee: A person or institution holding and administering property in trust.
a. Upon at least thirty days’ notice to the settlor, if living, to all cotrustees, and the qualified beneficiaries, except those qualified beneficiaries under a revocable trust that the settlor has the capacity to revoke; 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.