§ 1502 — Appointment of trustee 1

New York § 1502

• Jurisdiction: New York
• Law SCP: Surrogate's Court Procedure
• Art. 15: Trusts and Trustees

Text

§ 1502. Appointment of trustee\n 1. The court may appoint a trustee or successor or successors or\nco-trustee or co-trustees whenever there is no trustee able to act or\nall or one of the trustees is unable to act and a successor or\nco-trustee in his or their place is necessary in order to execute the\ntrust or execute any power created by a will or lifetime trust\ninstrument creating a trust, the execution of which has devolved upon\nthe court or upon the supreme court.\n 2. The court shall not appoint a trustee, successor or co-trustee if\nthe appointment would contravene the express terms of the will or\nlifetime trust instrument or if a trustee may be or has been named in\nthe will or lifetime trust instrument as successor, substitute or\nco-trustee and is not disqualified to act.\n 3. Until a successor or co-trustee is appointed the remaining trustee\nor trustees may execute the trust.\n 4. A trustee, successor or co-trustee may be appointed upon the\napplication of any person interested and upon notice to such persons as\nthe court may designate.\n 5. The court may appoint a successor trustee for any purposes deemed\nnecessary to complete administration or distribution of a trust which\nhas terminated by the occurrence of the event measuring its duration\nwhen there is no person in office able to execute it.\n 6. A successor trustee shall be subject to the same duties, as to\naccounting and trust administration, as are imposed by law on trustees\nand, in addition to the reasonable expenses incurred in the course of\ntrust administration, shall be entitled to commissions as may be fixed\nby any court having jurisdiction to pass upon the trustee's final\naccount, which shall in no case exceed the commissions allowable by law\nto trustees.\n