§ 59-15-04 — (704) Vacancy in trusteeship - Appointment of successor

North Dakota § 59-15-04

• Jurisdiction: North Dakota
• Title 59: Trusts, Uses, and Powers
• Ch. 59-15: Office of Trustee

Text

1. A vacancy in a trusteeship occurs if a person designated as trustee declines the
trusteeship, a person designated as trustee cannot be identified, cannot be located, or
does not exist, a trustee resigns, a trustee is disqualified or removed, a trustee dies, or
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 which is required to be filled must
be filled in the following order of priority. First, the vacancy must be filled by a person
designated in the terms of the trust or appointed under the terms of the trust to act as
successor trustee. Second, the vacancy must be filled by a person appointed by
unanimous agreement of the qualified beneficiaries. Finally, the vacancy must be filled
by a person appointed by the court.
4. A vacancy in a trusteeship of a charitable trust which is required to be filled must be
filled in the following order of priority. First, the vacancy must be filled by a person
designated in the terms of the trust or appointed under the terms of the trust to act as
successor trustee. Second, the vacancy must be filled by a person selected by the
charitable organizations expressly designated to receive distributions under the terms
of the trust if the attorney general concurs in the selection. Finally, the vacancy must
be filled by a person appointed by the court.
5. Whether or not 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.