7765 - Resignation of trustee; filing resignation. - Pennsylvania Statutes

§ 7765. Resignation of trustee; filing resignation. (a) Court approval.--A trustee may resign with court approval. (b) Without court approval if authorized by trust instrument.--A trustee may resign without court approval if authorized to resign by the trust instrument. (c) Without court approval and without authorization in trust instrument.-- (1) Unless expressly provided to the contrary in the trust instrument, an individual trustee may resign without court approval and without authorization in the trust instrument if: (i) there is at least one cotrustee and all cotrustees consent in writing to the resignation; and (ii) all the qualified beneficiaries consent in writing to the resignation. (2) This subsection shall not authorize the sole trustee of a trust to resign unless the trust instrument names a successor trustee or provides a method for appointing a successor trustee, and in either case the resignation shall not be effective until the successor trustee accepts the appointment in writing. (d) Liability.--The resignation of a trustee shall not by itself relieve the resigning trustee of liability in connection with the administration of the trust. (e) Filing resignation.--A resignation of a trustee may be filed with the clerk of the court having jurisdiction over the trust.