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New Jersey Statutes, Title: 3B, ADMINISTRATION OF ESTATES--DECEDENTS AND OTHERS
Chapter 31: Uniform Trust Code
Section: 3B:31-52: Delivery of property by former trustee.
3B:31-52. Delivery of Property by Former Trustee.
a. Unless a co-trustee remains in office or the court otherwise orders, and until the trust property is delivered to a successor trustee or other person entitled to it, a trustee who has resigned or been removed has the duties of a trustee and the powers necessary to protect the trust property.
b. A trustee who has resigned or been removed shall proceed expeditiously to deliver the trust property within the trustee's possession to the co-trustee, successor trustee, or other person entitled to it, but a resigning trustee may retain a reasonable reserve for the costs of finalizing that trustee's administration of the trust.
L.2015, c.276, s.1.
This section added to the Rutgers Database: 2016-02-15 11:38:47.
Older versions of 3b:31-52 (if available):
Court decisions that cite this statute: