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N.J. Stat. Ann. § 3B:31-50

Resignation of trustee

Known as the Uniform Trust Code

The act spans §§ 3B:31-1 to 3B:31-9 (84 sections).

L.2015, c.276, s.1.

Resignation of Trustee.

a. A trustee may resign:

(1) upon at least 30 days' notice to the qualified beneficiaries, the settlor, if living, all co-trustees, and the trustee or trustees, if any, designated pursuant to the terms of the trust to succeed the resigning trustee; 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.

Current official text: New Jersey Legislature. Digitized from the New Jersey Legislature bulk statutes download. Reproduced from public-domain New Jersey statutes; confirm against the official source for the current text. Not legal advice.