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Comparison of Uniform Trust Code, DC Trust Code, Maryland Trust Act, and Virginia Trust Code, with Annotations

  • Preamble
  • Article 1
  • Article 2
  • Article 3
  • Article 4
  • Article 5
  • Article 6
  • Article 7
  • Article 8
  • UPIA-UTC Article 9
  • Article 10
  • Article 11
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A

UTC §705 provides that a trustee may resign upon 30 days’ notice to the qualified beneficiaries and all co-trustees. DC §19-1307.05 and VA §64.2-758 add the requirement of notice to the settlor, if living. MD §14.5-705 requires court approval for a trustee resignation unless the trust instrument provides another method for resignation.
UTC §705 provides that a trustee may resign upon 30 days’ notice to the qualified beneficiaries and all co-trustees. DC §19-1307.05 and VA §64.2-758 add the requirement of notice to the settlor, if living. MD §14.5-705 requires court approval for a trustee resignation unless the trust instrument provides another method for resignation.
UTC §705 provides that a trustee may resign upon 30 days’ notice to the qualified beneficiaries and all co-trustees. DC §19-1307.05 and VA §64.2-758 add the requirement of notice to the settlor, if living. MD §14.5-705 requires court approval for a trustee resignation unless the trust instrument provides another method for resignation.

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UTC

§ 705. Resignation of trustee.

(a) A trustee may resign:
(1) upon at least 30 days’ notice to the qualified beneficiaries and all cotrustees; 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.

DC

§ 19-1307.05. Resignation of trustee.

A

(a) A trustee may resign:
(1) Upon at least 30 days' notice to the qualified beneficiaries, the settlor, if living, and all cotrustees or, if there is no cotrustee, to the next designated successor 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

MD

§ 14.5-705. Resignation of trustee.

A

(a) A trustee may resign [MISSING UTC(a)(1)] with the approval of the court.
(b) In approving a resignation of a trustee, the court may issue orders and impose conditions reasonably necessary for the protection of the trust property.
(c) Liability of a resigning trustee or of a surety on the bond of the trustee for acts or omissions of the trustee is not discharged or affected by the resignation of the trustee.

VA

§ 64.2-758. Resignation of trustee

A

A. A trustee may resign:
1. Upon at least 30 days' notice to the settlor, if living, to all cotrustees, and to the qualified beneficiaries except those qualified beneficiaries under a revocable trust that the settlor has the capacity to revoke; 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.

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