58a-414. Termination of uneconomic trust.
58a-414
58a-414. Termination of uneconomictrust.(a) Afternotice to the qualified beneficiaries, the trustee of a trust consisting oftrust propertyhaving a total value less than $100,000 may terminate thetrust if the trustee concludesthat the value of the trust property is insufficient to justifythe cost of administration.
(b) The court may modify or terminate a trust or remove the trustee andappoint a differenttrustee if it determines that the value of the trust property is insufficientto justify the cost ofadministration.
(c) Upon termination of a trust under this section, the trustee shalldistribute the trust propertyin a manner consistent with the purposes of the trust.
(d) This section does not apply to an easement for conservation orpreservation.
(e) This section does not apply to any trust if its assets are distributableto the trustee or anyone the trustee is obligated to support.
History: L. 2002, ch. 133, § 35; Jan. 1, 2003.