55-547.05 - Resignation of trustee. - Virginia Statutes

§ 55-547.05. Resignation of trustee.

A. A trustee may resign:

1. Upon at least 30 days' notice to the settlor, if living, to allcotrustees, and to the qualified beneficiaries except those qualifiedbeneficiaries under a revocable trust which the settlor has the capacity torevoke; or

2. With the approval of the court.

B. In approving a resignation, the court may issue orders and imposeconditions reasonably necessary for the protection of the trust property.

C. Any liability of a resigning trustee or of any sureties on the trustee'sbond for acts or omissions of the trustee is not discharged or affected bythe trustee's resignation.

(2005, c. 935.)