§ 26-48. Court may appoint trustee in place of one dead, resigned, etc.
When a trustee in a will, deed or other writing (i) dies, (ii) becomesincapable of executing the trust on account of physical or mental disabilityor confinement in prison, (iii) when residency is statutorily required,removes beyond the limits of the Commonwealth, (iv) declines to accept thetrust, (v) having accepted, resigns the same, as he may be allowed to do,(vi) if such trustee is a corporation, is adjudicated a bankrupt, or for anyreason loses its charter, (vii) for any other reason ceases to be eligible tocontinue serving as trustee, or (viii) for any other good cause shown, thecircuit court of the county or city in which such will was admitted toprobate, or such deed or other writing is or might have been recorded, or ifthe trustee is a corporation, in which its principal office in theCommonwealth is located, or in which the trustee resides, may on motion ofany party interested, and upon satisfactory evidence of such death,incapacity, confinement, removal, declination, resignation, bankruptcy, lossof charter, or other loss of eligibility or of such other good cause, appointa trustee or trustees in place of the trustee or trustees named in suchinstrument.
In addition, the court may appoint a substitute corporate trustee whenever acorporate trustee removes the management function over an existing trustwhich was previously managed in the Commonwealth to a jurisdiction outside ofthe Commonwealth if the court finds that the management of such trust aftersuch removal results in good cause for the substitution of such trustee. Acorporate trustee that maintains a place of business in the Commonwealthwhere one or more trust officers are available on a regular basis forpersonal contact with trust customers or beneficiaries shall not be deemed tohave removed such management function.
(Code 1919, § 6298; 1930, p. 350; 1934, p. 162; 1950, p. 457; 1998, cc. 392,410.)
§ 26-48. Court may appoint trustee in place of one dead, resigned, etc.
When a trustee in a will, deed or other writing (i) dies, (ii) becomesincapable of executing the trust on account of physical or mental disabilityor confinement in prison, (iii) when residency is statutorily required,removes beyond the limits of the Commonwealth, (iv) declines to accept thetrust, (v) having accepted, resigns the same, as he may be allowed to do,(vi) if such trustee is a corporation, is adjudicated a bankrupt, or for anyreason loses its charter, (vii) for any other reason ceases to be eligible tocontinue serving as trustee, or (viii) for any other good cause shown, thecircuit court of the county or city in which such will was admitted toprobate, or such deed or other writing is or might have been recorded, or ifthe trustee is a corporation, in which its principal office in theCommonwealth is located, or in which the trustee resides, may on motion ofany party interested, and upon satisfactory evidence of such death,incapacity, confinement, removal, declination, resignation, bankruptcy, lossof charter, or other loss of eligibility or of such other good cause, appointa trustee or trustees in place of the trustee or trustees named in suchinstrument.
In addition, the court may appoint a substitute corporate trustee whenever acorporate trustee removes the management function over an existing trustwhich was previously managed in the Commonwealth to a jurisdiction outside ofthe Commonwealth if the court finds that the management of such trust aftersuch removal results in good cause for the substitution of such trustee. Acorporate trustee that maintains a place of business in the Commonwealthwhere one or more trust officers are available on a regular basis forpersonal contact with trust customers or beneficiaries shall not be deemed tohave removed such management function.
(Code 1919, § 6298; 1930, p. 350; 1934, p. 162; 1950, p. 457; 1998, cc. 392,410.)
§ 26-48. Court may appoint trustee in place of one dead, resigned, etc.
When a trustee in a will, deed or other writing (i) dies, (ii) becomesincapable of executing the trust on account of physical or mental disabilityor confinement in prison, (iii) when residency is statutorily required,removes beyond the limits of the Commonwealth, (iv) declines to accept thetrust, (v) having accepted, resigns the same, as he may be allowed to do,(vi) if such trustee is a corporation, is adjudicated a bankrupt, or for anyreason loses its charter, (vii) for any other reason ceases to be eligible tocontinue serving as trustee, or (viii) for any other good cause shown, thecircuit court of the county or city in which such will was admitted toprobate, or such deed or other writing is or might have been recorded, or ifthe trustee is a corporation, in which its principal office in theCommonwealth is located, or in which the trustee resides, may on motion ofany party interested, and upon satisfactory evidence of such death,incapacity, confinement, removal, declination, resignation, bankruptcy, lossof charter, or other loss of eligibility or of such other good cause, appointa trustee or trustees in place of the trustee or trustees named in suchinstrument.
In addition, the court may appoint a substitute corporate trustee whenever acorporate trustee removes the management function over an existing trustwhich was previously managed in the Commonwealth to a jurisdiction outside ofthe Commonwealth if the court finds that the management of such trust aftersuch removal results in good cause for the substitution of such trustee. Acorporate trustee that maintains a place of business in the Commonwealthwhere one or more trust officers are available on a regular basis forpersonal contact with trust customers or beneficiaries shall not be deemed tohave removed such management function.
(Code 1919, § 6298; 1930, p. 350; 1934, p. 162; 1950, p. 457; 1998, cc. 392,410.)
