Section 704: Vacancy in trusteeship; appointment of successor
[Text of section applicable as provided by 2012, 140, Sec. 66.]
Section 704. Vacancy in trusteeship; appointment of successor
(a) A vacancy in a trusteeship shall occur if:
(1) a person designated as trustee rejects the trusteeship;
(2) a person designated as trustee cannot be identified or does not exist;
(3) a trustee resigns;
(4) a trustee is disqualified or removed;
(5) a trustee dies; or
(6) a guardian or conservator is appointed for an individual serving as trustee.
(b) If 1 or more co-trustees remain in office, a vacancy in a trusteeship need not be filled. A vacancy in a trusteeship shall be filled if the trust has no remaining trustees.
(c) A vacancy in a trusteeship that is required to be filled shall be filled in the following order of priority:
(1) by a person designated by the terms of the trust to act as successor trustee;
(2) by a person appointed by unanimous agreement of the qualified beneficiaries; or
(3) by a person appointed by the court.
(d) Whether or not a vacancy in a trusteeship exists or is required to be filled, the court may appoint an additional trustee or special fiduciary whenever the court considers the appointment necessary for the administration of the trust.