Section 7-308 Resignation or removal of trustee; appointment to fill vacancy - Massachusetts Statutes

[Text of section added by 2008, 521, Sec. 9 effective July 1, 2011. See 2008, 521, Sec. 44.]

Section 7-308. [Resignation or Removal of Trustee; Appointment to Fill Vacancy.]

(a) A trustee may resign the office or be removed as provided by the terms of the will or other instrument creating the trust. Any vacancy caused by such resignation, removal or otherwise may be filled as so provided.

(b) A trustee may resign the office by filing a written statement of resignation with a petition for permission to resign with the court having jurisdiction of the trust.

(c) A trustee or any person interested in a trust may at any time petition for removal of a trustee on the ground that removal would be in the best interest of the beneficiaries of the trust or for cause. Cause for removal exists if it is shown that the trustee has disregarded an order of the court, has become incapacitated or otherwise incapable of discharging the duties of the office, or has mismanaged the property or failed to perform any duty pertaining to the office.

(d) A trustee or any person interested in a trust may at any time petition for the appointment of a trustee to fill a vacancy which is not filled as provided by the terms of the will or other instrument creating the trust.

(e) Upon filing of the petition, the court shall fix a time and place for hearing. Notice shall be given by the petitioner to the trustees, the beneficiaries and to other persons as the court may order. After notice and hearing, the court may terminate the appointment of a trustee by ordering removal or by accepting the resignation and, if the petition contains a prayer therefor, may appoint a successor trustee to fill the vacancy caused by such resignation, removal or otherwise.