564-B:7-712 Vacancy in a Divided Trust or Directed Trust. –
(a) Unless the terms of the trust provide otherwise, a trustee shall be vested with any power or duty that the terms of the trust otherwise vest exclusively in a trust advisor, trust protector, or cotrustee during any time when, as the result of a vacancy in the office of trust advisor, trust protector, or cotrustee, there is no person who is vested with the power or duty.
(b) Unless the terms of the trust provide otherwise, a trustee may exercise without direction any power that, under the terms of the trust, the trustee otherwise may exercise only at the direction of a trust advisor, trust protector, or cotrustee during any time when, as the result of a vacancy in the office of trust advisor, trust protector, or cotrustee, there is no person who is vested with the power to direct the trustee to exercise that power.
(c) A trustee who is vested with a power or duty under subsection (a) shall not be liable to any person for failing to exercise that power or duty during the 60-day period beginning on the date on which the trustee obtains knowledge of the vacancy.
(d) A trustee who may exercise a power under subsection (b) shall not be liable to any person for failing to exercise that power during the 60-day period beginning on the date on which the trustee obtains knowledge of the vacancy.
Source. 2006, 320:60, eff. Aug. 19, 2006. 2017, 257:24, eff. July 18, 2017.