3B:11-5 - Trustee's death or failure to act; appointment of new trustee by court; powers - New-jersey Statutes

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3B:11-5. Trustee's death or failure to act; appointment of new trustee by court; powers
When a trustee appointed by a will probated in the surrogate's court of any county or a trustee appointed under a trust inter vivos as to real or personal property situate in any county fails or refuses to act or dies before the execution or completion of the trust committed to him, or absconds or removes from this State, is adjudicated a mental incompetent or becomes in any manner legally incapable of executing the trust, the Superior Court may remove the trustee, if he be alive, and appoint a suitable person or persons to execute the trust, and the trustee or trustees so appointed shall be entitled to the trust estate as fully and in the same manner as the original trustee was and shall have all the power and discretion of the original trustee.

L.1981, c. 405, s. 3B:11-5, eff. May 1, 1982.

State Codes and Statutes

Statutes > New-jersey > Title-3b > Section-3b-11 > 3b-11-5

3B:11-5. Trustee's death or failure to act; appointment of new trustee by court; powers
When a trustee appointed by a will probated in the surrogate's court of any county or a trustee appointed under a trust inter vivos as to real or personal property situate in any county fails or refuses to act or dies before the execution or completion of the trust committed to him, or absconds or removes from this State, is adjudicated a mental incompetent or becomes in any manner legally incapable of executing the trust, the Superior Court may remove the trustee, if he be alive, and appoint a suitable person or persons to execute the trust, and the trustee or trustees so appointed shall be entitled to the trust estate as fully and in the same manner as the original trustee was and shall have all the power and discretion of the original trustee.

L.1981, c. 405, s. 3B:11-5, eff. May 1, 1982.

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State Codes and Statutes

Statutes > New-jersey > Title-3b > Section-3b-11 > 3b-11-5

3B:11-5. Trustee's death or failure to act; appointment of new trustee by court; powers
When a trustee appointed by a will probated in the surrogate's court of any county or a trustee appointed under a trust inter vivos as to real or personal property situate in any county fails or refuses to act or dies before the execution or completion of the trust committed to him, or absconds or removes from this State, is adjudicated a mental incompetent or becomes in any manner legally incapable of executing the trust, the Superior Court may remove the trustee, if he be alive, and appoint a suitable person or persons to execute the trust, and the trustee or trustees so appointed shall be entitled to the trust estate as fully and in the same manner as the original trustee was and shall have all the power and discretion of the original trustee.

L.1981, c. 405, s. 3B:11-5, eff. May 1, 1982.