75-7-414 - Modification or termination of uneconomic trust.
75-7-414. Modification or termination of uneconomic trust.
(1) After notice to the qualified beneficiaries, the trustee of a trust consisting of trustproperty having a total value less than $100,000 may terminate the trust if the trustee concludesthat the value of the trust property is insufficient to justify the cost of administration.
(2) The court may modify or terminate a trust or remove the trustee and appoint adifferent trustee if it determines that the value of the trust property is insufficient to justify thecost of administration.
(3) Upon termination of a trust under this section, the trustee shall distribute the trustproperty in a manner consistent with the purposes of the trust.
(4) This section does not apply to an easement for conservation or preservation.
(1) After notice to the qualified beneficiaries, the trustee of a trust consisting of trustproperty having a total value less than $100,000 may terminate the trust if the trustee concludesthat the value of the trust property is insufficient to justify the cost of administration.
(2) The court may modify or terminate a trust or remove the trustee and appoint adifferent trustee if it determines that the value of the trust property is insufficient to justify thecost of administration.
(3) Upon termination of a trust under this section, the trustee shall distribute the trustproperty in a manner consistent with the purposes of the trust.
(4) This section does not apply to an easement for conservation or preservation.
Enacted by Chapter 89, 2004 General Session