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The office · 5 хв читання
Majority rule when unanimity fails, and the written dissent
N.J.S.A. 3B:31-48(a) provides that co-trustees who are unable to reach a unanimous decision may act by majority decision, and that a dissenting trustee who joins in carrying out a decision of the majority but expresses the dissent in writing promptly to the co-trustees is not liable for the act of the majority. A co-trustee participates in the performance of a trustee's function unless unavailable because of absence, illness, disqualification under other law or other temporary incapacity, or the co-trustee has properly delegated the function to another trustee (N.J.S.A. 3B:31-48(c)); where a co-trustee is unavailable, or a vacancy remains unfilled, and prompt action is necessary to achieve the purposes of the trust or to avoid injury to the trust property, the remaining co-trustee or a majority of the remaining co-trustees act for the trust (N.J.S.A. 3B:31-48(d)). If a vacancy occurs in a co-trusteeship, the remaining co-trustees act for the trust unless the instrument provides otherwise (N.J.S.A. 3B:31-48(b)). Where three or more fiduciaries hold powers under chapter 14, a majority may exercise them on the same written-dissent terms (N.J.S.A. 3B:14-23).
Delegation and liability between co-trustees
A trustee may not delegate to a co-trustee the performance of a function the settlor reasonably expected the trustees to perform jointly; unless a delegation was irrevocable, a trustee may revoke a delegation previously made (N.J.S.A. 3B:31-48(e)). A trustee who does not join in an action of a co-trustee because of absence, illness, disqualification or other temporary incapacity is not liable for the action (N.J.S.A. 3B:31-48(f)); notwithstanding that, every trustee exercises reasonable care to prevent a co-trustee from committing a breach of trust and to compel a co-trustee to redress a breach of trust (N.J.S.A. 3B:31-48(g)). A fiduciary who, being one of two or more, neglects or refuses to join in the administration so that it is hindered may be removed on the grounds of N.J.S.A. 3B:14-21, which N.J.S.A. 3B:31-51 adopts for trustees.
Vacancies, resignation and signing for the trust
A vacancy occurs if a person designated as trustee renounces, cannot be identified or does not exist, or if a trustee resigns or is discharged, is disqualified or removed, dies, or has a guardian appointed (N.J.S.A. 3B:31-49(a)). A vacancy that must be filled is filled by the person the terms designate as successor, then by the procedure the terms set, then by a person the qualified beneficiaries appoint by unanimous agreement, then by a person the court appoints (N.J.S.A. 3B:31-49). A trustee may resign on at least 30 days' notice to the qualified beneficiaries, the settlor if living, all co-trustees and any designated successor, or with the court's approval (N.J.S.A. 3B:31-50(a)), and a trustee who has resigned or been removed proceeds expeditiously to deliver the trust property to the co-trustee, successor or other person entitled to it (N.J.S.A. 3B:31-52). A certification of trust states the authority of co-trustees to sign and whether all or less than all are required in order to exercise powers of the trustee, and it is signed by all persons identified as currently acting as trustee (N.J.S.A. 3B:31-81(a), (b)).
Закони, дослівно
Co-trustees
N.J.S.A. 3B:31-48 ↗Зрозуміле просте пояснення; дослівний текст статуту ще не засвідчено в нашій бібліотеці. Дивіться офіційний статут за посиланням вище.
Vacancy in trusteeship; appointment of successor
N.J.S.A. 3B:31-49 ↗Зрозуміле просте пояснення; дослівний текст статуту ще не засвідчено в нашій бібліотеці. Дивіться офіційний статут за посиланням вище.
Resignation of trustee
N.J.S.A. 3B:31-50 ↗Зрозуміле просте пояснення; дослівний текст статуту ще не засвідчено в нашій бібліотеці. Дивіться офіційний статут за посиланням вище.
Certification of trust
N.J.S.A. 3B:31-81 ↗Зрозуміле просте пояснення; дослівний текст статуту ще не засвідчено в нашій бібліотеці. Дивіться офіційний статут за посиланням вище.
Поширені запитання
Must New Jersey co-trustees act unanimously?
Co-trustees who are unable to reach a unanimous decision may act by majority decision, and a dissenting trustee who joins in carrying out the majority's decision but promptly expresses the dissent in writing to the co-trustees is not liable for the act of the majority (N.J.S.A. 3B:31-48(a)); each co-trustee participates in a trustee's function unless unavailable or the function was properly delegated (N.J.S.A. 3B:31-48(c)).
Is a New Jersey co-trustee liable for the other's breach?
A trustee who does not join in a co-trustee's action because of absence, illness, disqualification or other temporary incapacity is not liable for it (N.J.S.A. 3B:31-48(f)), but every trustee exercises reasonable care to prevent a co-trustee from committing a breach of trust and to compel a co-trustee to redress one (N.J.S.A. 3B:31-48(g)).
What happens when one New Jersey co-trustee resigns?
The resignation takes at least 30 days' notice to the qualified beneficiaries, the settlor if living, all co-trustees and any designated successor, or the court's approval (N.J.S.A. 3B:31-50(a)); the remaining co-trustees act for the trust unless the instrument provides otherwise (N.J.S.A. 3B:31-48(b)). The resignation does not discharge the resigning trustee's liability (N.J.S.A. 3B:31-50(c)).
За темою
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