Current through 2024 Legislative Session Act Chapter 531
Section 3326 - Resignation of trustee an officeholder(a) For purposes of this section and § 3327 of this title, the term "officeholder" includes a trustee, an adviser as defined in § 3313 of this title, and a designated representative as defined in § 3339 of this title.(b) An officeholder may resign:(1) If the governing instrument expressly permits the officeholder to resign, in accordance with the terms of the governing instrument;(2) If the governing instrument neither expressly permits nor prohibits the officeholder's resignation, but establishes a procedure for the appointment of a successor officeholder who shall be willing and able to serve as such, upon 30 days written notice to the beneficiaries, those holding the power to appoint a successor officeholder, and any other officeholders; or(3) In all other cases, with the approval of the Court of Chancery.(c) A beneficiary or other officeholder may waive the notice otherwise required by this section.(d) In approving a resignation, the Court of Chancery may impose orders and conditions reasonably necessary for the protection of the trust property, including the appointment of a special fiduciary.(e) Any liability of a resigning officeholder or of any sureties on the officeholder's bond, if any, for acts or omissions of a resigning officeholder is not discharged or affected by the officeholder's resignation.Amended by Laws 2021, ch. 69,s 2, eff. 6/30/2021. 72 Del. Laws, c. 388, § 6; 74 Del. Laws, c. 82, § 7.;