Versions

 

39. Accepting or declining trusteeship

(1) Except as otherwise provided in Article 39(3) a person designated as trustee accepts the trusteeship:
(a) by substantially complying with a method of acceptance provided in the terms of the trust; or
(b) if the terms of the trust do not provide a method or the method provided in the terms is not expressly made exclusive, by accepting delivery of the trust property, exercising powers or performing duties as trustee, or otherwise indicating acceptance of the trusteeship.
(2) A person designated as trustee who has not yet accepted the trusteeship may decline the trusteeship. A designated trustee who does not accept the trusteeship within a reasonable amount of time after knowing of the designation is deemed to have rejected the trusteeship.
(3) A person designated as a trustee, without accepting the trusteeship, may without liability for loss:
(a) act to preserve the trust property if, within a reasonable time after acting, he sends a written rejection of the trusteeship to the settlor or, if the settlor is dead or lacks capacity, to a named beneficiary;
(b) inspect or investigate trust property to determine potential liability under any other law or for any other purpose; or
(c) apply to the Court for directions or advice.
(4) A person who knowingly does any act or thing in relation to the trust property consistent with the status of a trustee of that property shall be deemed to have accepted appointment as a trustee, but he shall not be remunerated for acting in such capacity as provided in Article 44, unless the trustee appointed under the terms of the trust otherwise agrees.