2109.26 Vacancy before termination of the trust - accounting - successor fiduciary. - Ohio Statutes

2109.26 Vacancy before termination of the trust - accounting - successor fiduciary.

If a sole fiduciary dies, is dissolved, declines to accept, resigns, is removed, or becomes incapacitated prior to the termination of the trust, the probate court shall require a final account of all dealings of such trust to be filed forthwith by such fiduciary if a living person and able to act. If such fiduciary is a living person but unable to act, such final account shall be filed by his guardian, or if there is no guardian by some other suitable person in his behalf, appointed or approved by the court. If such fiduciary is a deceased person, such account shall be filed by his executor or administrator. If such fiduciary is a dissolved corporation, such account shall be filed by such persons as are charged by law with winding up the affairs of such corporation. Thereupon the court shall cause such proceedings to be had as are provided by sections 2109.30 to 2109.36, inclusive, of the Revised Code.

Whenever such a vacancy occurs and such contingency is not otherwise provided for by law or by the instrument creating the trust, or whenever such instrument names no fiduciary, the court shall, on its own motion or on the application of any person beneficially interested, issue letters of appointment as fiduciary to some competent person or persons who shall qualify according to law and execute the trust to its proper termination. Such vacancy and the appointment of a successor fiduciary shall not affect the liability of the former fiduciary or his sureties which was previously incurred.

Effective Date: 10-01-1953