Substitute Senate Bill No. 419

Public Act No. 01-114

AN ACT CONCERNING THE REMOVAL OF A FIDUCIARY.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

Section 45a-242 of the general statutes is repealed and the following is substituted in lieu thereof:

(a) [If any] The court of probate having jurisdiction may, upon its own motion or upon the application and complaint of any person interested or of the surety upon the fiduciary's probate bond, after notice and hearing, remove any fiduciary if: (1) The fiduciary becomes incapable of executing [his] such fiduciary's trust, neglects to perform the duties of [his] such fiduciary's trust, wastes the estate in [his] such fiduciary's charge, or fails to furnish any additional or substitute probate bond ordered by the court, [the court of probate having jurisdiction may, upon its own motion, or upon the application and complaint of any person interested or of the surety upon the fiduciary's probate bond, after notice and a hearing, remove such fiduciary] (2) lack of cooperation among cofiduciaries substantially impairs the administration of the estate, (3) because of unfitness, unwillingness or persistent failure of the fiduciary to administer the estate effectively, the court determines that removal of the fiduciary best serves the interests of the beneficiaries, or (4) there has been a substantial change of circumstances or removal is requested by all of the beneficiaries, the court finds that removal of the fiduciary best serves the interests of all the beneficiaries and is not inconsistent with a material purpose of the governing instrument and a suitable cofiduciary or successor fiduciary is available. A successor corporate fiduciary shall not be removed in such a manner as to discriminate against state banks or national banking associations, nor shall any consolidated state bank or national banking association or any receiving state bank or national banking association be removed solely because it is a successor fiduciary, as defined in section 45a-245a.

(b) The court of probate, after notice and hearing, may accept or reject the written resignation of any fiduciary, but such resignation shall not be accepted until such fiduciary has fully and finally accounted for the administration of [his] such fiduciary's trust to the acceptance of such court.

(c) Trustees appointed by a testator to execute a trust created by will and testamentary guardians may resign or be removed, and the vacancies filled by the court having jurisdiction in the manner provided under this section, unless otherwise provided by the will.

(d) Except as otherwise provided in subsection (c) of this section, upon the death, removal or acceptance of the resignation of any fiduciary before the completion of [his] such fiduciary's duties, the court of probate may appoint a suitable person to fill the resultant vacancy and such successor fiduciary shall give a probate bond.

(e) All suits in favor of or against the original fiduciary shall survive to and may be prosecuted by or against the person appointed to succeed [him] such fiduciary.

Approved June 20, 2001