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§ 14.5-703. Vacancies occurring in cotrusteeship

West's Annotated Code of MarylandEstates and TrustsEffective: January 1, 2015

West's Annotated Code of Maryland
Estates and Trusts (Refs & Annos)
Title 14.5. Maryland Trust Act (Refs & Annos)
Subtitle 7. Office of Trustee (Refs & Annos)
Effective: January 1, 2015
MD Code, Estates and Trusts, § 14.5-703
§ 14.5-703. Vacancies occurring in cotrusteeship
In general
(a) If a vacancy occurs in a cotrusteeship, the remaining cotrustees may act for the trust.
Participation in performance of trustee functions
(b) A cotrustee shall participate in the performance of the function of a trustee 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.
Absence, illness, disqualification, or temporary incapacity
(c) 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 cotrustees may act for the trust.
Delegation of investment and management functions
(d)(1) A trustee may delegate investment and management functions to a cotrustee as prudent under the circumstances.
(2) Unless a delegation of an investment or management function was irrevocable, a trustee may revoke a delegation previously made.

Credits

Added by Acts 2014, c. 585, § 1, eff. Jan. 1, 2015.
MD Code, Estates and Trusts, § 14.5-703, MD EST & TRST § 14.5-703
Current through legislation effective July 1, 2020, from the 2020 Regular Session of the General Assembly.
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