1. A trustee must be appointed to fill a vacancy in the office of the trustee only if the trust has no trustee or the terms of the trust require a vacancy in the office of cotrustee to be filled.
2. A vacancy in the office of trustee shall be filled according to the following:
a. By the person named in or nominated pursuant to the method specified by the terms of the trust.
b. If the terms of the trust do not name a person or specify a method for filling the vacancy, or if the person named or nominated pursuant to the method specified fails to accept, one of the following methods shall be used:
(1) By majority vote of all adult beneficiaries and the representative of any minor or incompetent beneficiary, as defined by section 633.6303.
(2) By a person appointed by the court on petition of an interested person or of a person named as trustee by the terms of the trust. The court, in selecting a trustee, shall consider any nomination made by the adult beneficiaries and representatives.
3. Beneficiaries entitled to vote are those who are currently entitled or eligible to receive trust income or a distribution of principal if the trust were to terminate at the time of the vote.
99 Acts, ch 125, §40, 109; 2000 Acts, ch 1150, §22
Referred to in § 633.4106, 633.4213
Section effective July 1, 2000; 99 Acts, ch 125, §109
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