§554G-4 Permitted trustees.
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/hi/554g-4A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§554G-4 Permitted trustees. If a permitted trustee of a trust ceases to meet the criteria for a permitted trustee as defined in section 554G-2, and there remains no trustee that meets the requirements, the permitted trustee shall be deemed to have resigned as of the time that the trustee ceases to meet the criteria. At that time, the successor permitted trustee provided for in the trust instrument shall become the permitted trustee of the trust. In the absence of any successor permitted trustee provided for in the trust instrument, a trust advisor or protector provided for in the trust instrument shall appoint a successor permitted trustee.
In the absence of a designated trust advisor or protector or in the event of the failure of the designated trust advisor or protector to appoint a successor permitted trustee, the circuit court sitting in probate, upon application of any interested party, shall appoint a successor permitted trustee. [L 2010, c 182, pt of §2; am L 2011, c 161, §4]