§ 28-73-705 - Resignation of trustee. - Arkansas Statutes

28-73-705. Resignation of trustee.

(a) A trustee may resign:

(1) upon at least thirty (30) days' notice to the qualified beneficiaries, the settlor, if living, and all cotrustees; or

(2) with the approval of a court.

(b) In approving a resignation, a 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.

(d) Subsection (a) of this section applies only to irrevocable trusts created on or after September 1, 2005, and to revocable trusts which become irrevocable on or after September 1, 2005.