§ 14.5-705

Maryland § 14.5-705

• Jurisdiction: Maryland
• Article get: Estates and Trusts

Text

(a) A trustee may resign:

(1) On at least 30 days’ notice to:

(i) The qualified beneficiaries;

(ii) The settlor, if living;

(iii) All cotrustees; and

(iv) Any person that has a right to replace or appoint a successor to the resigning trustee; or

(2) With the approval of the court.

(b) In approving a resignation of a trustee, the court may issue orders and impose conditions reasonably necessary for the protection of the trust property.

(c) Liability of a resigning trustee or of a surety on the bond of the trustee for acts or omissions of the trustee is not discharged or affected by the resignation of the trustee.