(1) In addition to the foregoing penalties for failure to settle, the court having the jurisdiction of the monthly county court has the power, and it is its duty, upon application, by petition, unless satisfactory reasons be shown why the same shall not be done, to revoke the appointment of such trustee and remove the trustee, and appoint another, who shall be subject to §§ 47-13-103 — 47-13-109.
(2) In all such proceedings to remove such trustee or assignee, the trustee or assignee shall have reasonable notice, not less than ten (10) days, of such application and an opportunity to defend same.