Public-domain · open source
OpenJurist

N.C. Gen. Stat. § 36C-7-705

Resignation of trustee

Applied in 1 court decision — leading case Wortman v. Hutaff (2012)

Most recently applied in Wortman v. Hutaff (January 2012)

2005-192, s. 2.

(a) A trustee may resign:

(1) Upon at least 30 days' notice in writing to the qualified beneficiaries, the settlor, if living, and all cotrustees; or

(2) With the approval of the court.

(b) In approving a resignation, the court may issue orders and impose conditions reasonably necessary for the protection of the trust property.

(c) 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.

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