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KRS 386B.7-050

Resignation of trustee

Known as the Uniform Trust Code

The act spans §§ 386B.10-010 to 386B.9-010 (95 sections).

Effective: July 15, 2014 History: Created 2014 Ky

(1) A trustee may resign:

(a) Upon at least thirty (30) days' notice to the qualified beneficiaries and all cotrustees; 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 shall not be discharged or affected by the trustee's resignation.

Official source: Kentucky General Assembly. Reproduced from public-domain Kentucky statutes; confirm against the official source for the current text. Not legal advice.