§ 14.5-704
219 words·~1 min read·
/md/estates-and-trusts/14-5-704A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§14.5–704.
(a)A vacancy in a trusteeship occurs if:
(1)A person designated as trustee rejects the trusteeship;
(2)A person designated as trustee cannot be identified or does not exist;
(3)A trustee resigns;
(4)A trustee is disqualified or removed;
(5)A trustee dies;
(6)A guardian of the person or guardian of the property is appointed for an individual serving as trustee;
(7)A trustee cannot be located for 120 consecutive days; or
(8)A trustee is unable to handle business affairs as determined by two licensed physicians.
(1)If one or more cotrustees remain in office, a vacancy in a trusteeship need not be filled.
(2)A vacancy in a trusteeship shall be filled if the trust has no remaining trustee.
(c)A vacancy in a trusteeship that is required to be filled shall be filled in the following order of priority by a person:
(1)Designated in accordance with the terms of the trust to act as successor trustee;
(2)Appointed by unanimous agreement of the qualified beneficiaries; or
(3)Appointed by the court.
(d)The court may appoint an additional trustee or special fiduciary whenever the court considers the appointment necessary for the administration of the trust, whether or not a vacancy in a trusteeship exists or is required to be filled.