§ 4-10-703 — Cotrustees

Wyoming § 4-10-703

• Jurisdiction: Wyoming
• Title 04: Fiduciaries
• Ch. 10: UNIFORM TRUST CODE
• Art. 7: TRUSTEES, TRUST ADVISORS AND TRUST PROTECTORS

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(a) Cotrustees who are unable to reach a unanimous
decision may act by majority decision.
(b) If a vacancy occurs in a cotrusteeship, the remaining
cotrustees may act for the trust.
(c) A cotrustee shall participate in the performance of a
trustee's function unless the cotrustee is unavailable to
perform the function because of absence, illness,
disqualification under other law or other temporary incapacity
or the cotrustee has properly delegated the performance of the
function to another trustee.
(d) If a cotrustee is unavailable to perform duties
because of absence, illness, disqualification under other law or
other temporary incapacity, and prompt action is necessary to
achieve the purposes of the trust or to avoid injury to the
trust property, the remaining cotrustee or a majority of the
remaining cotrustees may act for the trust.
(e) A trustee may delegate to a cotrustee the performance
of any function unless the delegation is expressly prohibited in
the terms of the trust. Unless a delegation was irrevocable, a
trustee may revoke a delegation previously made.
(f) Except as otherwise provided in subsection (g) of this
section, a trustee who does not join in an action of another
trustee is not liable for the action.
(g) Each trustee shall exercise reasonable care to:
(i) Prevent a cotrustee from committing a serious
breach of trust; and
(ii) Compel a cotrustee to redress a serious breach
of trust.
(h) A dissenting trustee who joins in an action at the
direction of the majority of the trustees and who notified any
cotrustee of the dissent at or before the time of the action is
not liable for the action, unless the action is a serious breach
of trust.