Delaware § 3326 - Resignation of an officeholder.

§ 3326. Resignation of an officeholder.

(a) For purposes of this section and §§ 3327 and 3327A of this title, “officeholder” includes all of the following:

(1) A trustee;

(2) An “adviser,” as defined in § 3313 of this title.

(3) A “designated representative,” as defined in § 3339 of this title.

(4) An enforcer under § 3556(3) of this title.

(5) Holder of a power to remove or appoint 1 or more fiduciaries or nonfiduciaries with respect to a trust.

(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 that 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;

(3) Alternatively, even if either paragraph (b)(1) or (b)(2) of this section applies, by a modification of a trust under § 3342 of this title;

(4) If paragraphs (b)(1), (b)(2), and (b)(3) of this section do not apply, by a nonjudicial settlement agreement under § 3338 of this title; or

(5) 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.

72 Del. Laws, c. 388, §  6;  74 Del. Laws, c. 82, §  7;  83 Del. Laws, c. 69, § 2;  85 Del. Laws, c. 160, § 3;  85 Del. Laws, c. 383, § 3;