Section 13.36.073. Vacancy in trusteeship; appointment of successor.

   (a) Except as otherwise provided in the trust instrument, a vacancy in a trusteeship occurs if
        (1) a person designated as a trustee rejects the trusteeship or is considered to have rejected the trusteeship under AS 13.36.071;
        (2) a person designated as a trustee cannot be identified or does not exist;
        (3) a trustee resigns;
        (4) a trustee is disqualified or removed under AS 13.36.076;
        (5) a trustee dies;
        (6) a guardian or conservator is appointed for an individual serving as a trustee.
   (b) Except as otherwise provided in the trust instrument, if one or more co-trustees remain in office, it is not necessary to fill a vacancy in a trusteeship, but a vacancy in a trusteeship shall be filled if the trust does not have a remaining trustee.
   (c) A vacancy in a trusteeship of a noncharitable trust that is required to be filled shall be filled in the following order of priority:
        (1) under the terms of the trust;
        (2) by a person, other than a beneficiary, appointed by unanimous agreement of the qualified beneficiaries; or
        (3) by a person appointed by the court.
   (d) A vacancy in a trusteeship of an exclusively charitable trust that is required to be filled shall be filled in the following order of priority:
        (1) under the terms of the trust;
        (2) by a person selected by the unanimous consent of the charitable organizations expressly designated to receive distributions under the terms of the trust; or
        (3) by a person appointed by the court.
   (e) Except as otherwise provided in the trust instrument, a qualified beneficiary who may be represented and bound by another person under AS 13.06.120 may have the qualified beneficiary's consent to the appointment of a trustee as specified in this section given by the person who may represent the qualified beneficiary under AS 13.06.120.

Notes

History

(Sec. 6 ch 7 SLA 2008)