456.7-701. Accepting of declining trusteeship.
Accepting of declining trusteeship.
456.7-701. 1. Except as otherwise provided in subsection 3 of thissection, a person designated as trustee accepts the trusteeship:
(1) by substantially complying with a method of acceptance providedin the terms of the trust; or
(2) if the terms of the trust do not provide a method or the methodprovided in the terms is not expressly made exclusive, by acceptingdelivery of the trust property, exercising powers or performing duties astrustee, or otherwise indicating acceptance of the trusteeship.
2. A person designated as trustee who has not yet accepted thetrusteeship may decline the trusteeship. A designated trustee who does notaccept the trusteeship within a reasonable time after knowing of thedesignation is deemed to have declined the trusteeship.
3. A person designated as trustee, without accepting the trusteeship,may:
(1) act to preserve the trust property if, within a reasonable timeafter acting, the person sends a declination of the trusteeship to thesettlor or, if the settlor is dead or lacks capacity, to a qualifiedbeneficiary; and
(2) inspect or investigate trust property to determine potentialliability under environmental or other law or for any other purpose.
(L. 2004 H.B. 1511)Effective 1-01-05