§ 30-4-3-4 — Exercise of powers by multiple, successor, or surviving trustees

(Exercise of Powers by Multiple, Successor, or
Surviving Trustees)
Unless the terms of the trust provide otherwise:
(a) Any power vested in two (2) trustees must be exercised by them
jointly; any power vested in three (3) or more trustees must be
exercised by a majority.
(b) If there are two (2) or more trustees and they are unable to
exercise a power under subsection (a) of this section:
(1) If there is an immediate risk of irreparable damage to the trust
property or the interest of any beneficiary before court approval could
be obtained, any trustee may exercise the power and petition the court
for approval after the power has been exercised; but
(2) if there is no immediate risk of irreparable damage to the trust
property or the interest of any beneficiary, any trustee may petition the
court for permission to exercise the power, but none may exercise the
power prior to obtaining permission from the court.
(c) A co-trustee is excused from liability incurred because of the
exercise by a majority of a power vested in three (3) or more trustees
if he:
(1) refuses to join in the exercise of the power and mails a written
dissent to any of the co-trustees; or
(2) if the power was exercised without his knowledge, mails a
written dissent to any co-trustee within a reasonable time after being
informed that it has been exercised.
(d) A successor trustee, additional trustee or surviving or remaining
co-trustee may exercise all powers previously vested in the predecessor
trustee or co-trustee.
Formerly: Acts 1971, P.L.416, SEC.4.