§ 15-5-704 — Vacancy in trusteeship - appointment of successor

(1) A
vacancy in a trusteeship occurs if:

(a) A person designated as trustee rejects the trusteeship;

(b) A person designated as trustee cannot be identified or does not exist;

(c) A trustee resigns;

(d) A trustee is disqualified or removed;

(e) A trustee dies; or

(f) A guardian or conservator is appointed for an individual serving as trustee.

(2) 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.

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

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

(b) By a person appointed by unanimous agreement of the qualified
beneficiaries; or

(c) By a person appointed by the court.

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

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

(b) By a person selected by the charitable organizations expressly
designated to receive distributions under the terms of the trust if the attorney
general is provided written notice of the selection and fails to object or concurs in
the selection within thirty days of such notice; or

(c) By a person appointed by the court.

(5) Regardless of whether a vacancy in a trusteeship exists or is required to
be filled, the court may appoint an additional trustee or special fiduciary whenever
the court considers the appointment necessary for the administration of the trust.

Legislative History

Source: L. 2018: Entire article added, (SB 18-180), ch. 169, p. 1169, � 1, effective January 1, 2019.