1. A trustee who has accepted a trust may resign by any of the following methods:
a. As provided by the terms of the trust.
b. With the consent of the person holding the power to revoke the trust if the holder is competent or is represented by a guardian, conservator, or agent.
c. With the consent of the adult beneficiaries as defined in section 633.4105, subsection 1,* if the trust is irrevocable or the holder of the power to revoke lacks competency or is not represented by a guardian, conservator, or agent.
d. Upon written notice to the holder of the power to revoke if the holder substantially changes the trustee's duties and the trustee does not concur.
e. By filing a petition to resign under section 633.6202. The resignation takes effect ninety days after the filing, or upon approval of the petition by the court, whichever first occurs. The court must accept the trustee's resignation but may impose such orders and conditions as are reasonably necessary for the protection of the trust property, including the appointment of a receiver or temporary trustee.
2. The liability for acts or omissions of a resigning trustee or of any sureties on the trustee's bond is not released or affected by the trustee's resignation.
99 Acts, ch 125, §41, 109
Section effective July 1, 2000; 99 Acts, ch 125, §109
*Definition of "adult beneficiary" stricken by 2000 Acts, ch 1150, §22; corrective legislation is pending
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