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New Jersey Statutes, Title: 3B, ADMINISTRATION OF ESTATES--DECEDENTS AND OTHERS
Chapter 31: Uniform Trust Code
Section: 3B:31-50: Resignation of trustee.
3B:31-50. Resignation of Trustee.
a. A trustee may resign:
(1) upon at least 30 days' notice to the qualified beneficiaries, the settlor, if living, all co-trustees, and the trustee or trustees, if any, designated pursuant to the terms of the trust to succeed the resigning trustee; or
(2) with the approval of the court.
b. In approving a resignation, the court may issue orders and impose conditions reasonably necessary for the protection of the trust property.
c. Any liability of a resigning trustee or of any sureties on the trustee's bond for acts or omissions of the trustee is not discharged or affected by the trustee's resignation.
L.2015, c.276, s.1.
This section added to the Rutgers Database: 2016-02-15 11:38:45.
Older versions of 3b:31-50 (if available):
Court decisions that cite this statute: