§ 15-5-703 — Cotrustees

(1) Cotrustees who are unable to reach a unanimous
decision may act by majority decision.

(2) If a vacancy occurs in a cotrusteeship, the remaining cotrustees may act
for the trust.

(3) Subject to section 15-16-812, a cotrustee shall participate in the
performance of a trustee's function unless the cotrustee is unavailable to perform
the function because of absence, illness, disqualification, or other temporary
incapacity or the cotrustee has properly delegated the performance of the function
to another trustee.

(4) If a cotrustee is unavailable to perform duties because of absence,
illness, disqualification, or other temporary incapacity, and prompt action is
necessary to achieve the purposes of the trust or to avoid injury to the trust
property, the remaining cotrustee or a majority of the remaining cotrustees may act
for the trust.

(5) A trustee may not delegate to a costrustee the performance of a function
the settlor reasonably expected the trustees to perform jointly. Unless a delegation
was irrevocable, a trustee may revoke a delegation previously made.

(6) Except as otherwise provided in subsection (7) of this section, a trustee
who does not join in an action of another trustee is not liable for the action.

(7) Subject to section 15-16-812, each trustee shall exercise reasonable care
to:

(a) Prevent a cotrustee from committing a serious breach of trust; and

(b) Pursue a remedy, at trust expense, for a cotrustee's serious breach of
trust.

(8) A dissenting trustee who joins in an action at the direction of the majority
of the trustees and who notified any cotrustee of the dissent at or before the time
of the action is not liable for the action unless the action is a serious breach of trust.

Legislative History

Source: L. 2018: Entire article added, (SB 18-180), ch. 169, p. 1169, � 1, effective January 1, 2019. L. 2019: (3) and IP(7) amended, (SB 19-105), ch. 51, p. 175, � 8, effective August 2.