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Vt. Stat. Ann. tit. 14A, § 704

Vacancy in trusteeship; appointment of successor

Known as the Vermont Trust Code

The act spans §§ 14A-1001 to 14A-908 (107 sections).

Added 2009, No. 20, § 1; amended 2009, No. 154 (Adj

(a) A vacancy in a trusteeship occurs 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 is appointed for an individual serving as trustee.

(b) If one or more cotrustees remain in office, a vacancy in a trusteeship need not be filled. A vacancy in a trusteeship must be filled if the trust has no remaining trustee.

(c) A vacancy in a trusteeship of a noncharitable trust that is required to be filled must be filled in the following order of priority:

(1) by a person designated in 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 Probate Division of the Superior Court.

(d) A vacancy in a trusteeship of a charitable trust that is required to be filled must be filled in the following order of priority:

(1) by a person designated in the terms of the trust to act as successor trustee; or

(2) by a person appointed by the Probate Division of the Superior Court.

(e) Whether or not a vacancy in a trusteeship exists or is required to be filled, the Probate Division of the Superior Court may appoint an additional trustee or special fiduciary whenever the Probate Division of the Superior Court considers the appointment necessary for the administration of the trust.

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