Mississippi § 91-8-703 - Cotrustees.

§ 91-8-703. Cotrustees.

Cotrustees who are unable to reach a unanimous decision after consultation among all the cotrustees may act by majority decision. If a vacancy occurs in a cotrusteeship, the remaining cotrustees may act for the trust. A cotrustee must participate in the performance of a trustee’s function and consult with the other cotrustees unless the cotrustee is unavailable to perform the function because of absence, illness, disqualification under other law, or other temporary incapacity or the cotrustee has properly delegated the performance of the function to another trustee. If a cotrustee is unavailable to perform duties because of absence, illness, disqualification under other law, or other temporary incapacity, and prompt action is necessary to achieve the purposes of the trust or to avoid injury to the trust property, the remaining cotrustee or a majority of the remaining cotrustees may act for the trust. A trustee may delegate to a cotrustee the performance of a function other than a function that the terms of the trust instrument expressly require the trustees to perform jointly. Unless a delegation was irrevocable, a trustee may revoke a delegation previously made. Except as otherwise provided in subsection (g), a trustee who does not join in an action of another trustee is not liable for the action. Each trustee shall exercise reasonable care to: Prevent a cotrustee from committing a serious breach of trust; and Compel a cotrustee to redress a serious breach of trust. A dissenting trustee who joins in an action at the direction of the majority of the trustees and who notified any cotrustee of the dissent at or before the time of the action is not liable for the action unless the action is a serious breach of trust. A trustee, trust advisor and trust protector shall keep each cotrustee, trust advisor, trust protector and any other fiduciary reasonably informed about the administration of the trust, to the extent the trustee, trust advisor or trust protector has knowledge that each such cotrustee, trust advisor, trust protector or other fiduciary does not have knowledge of the trustee’s, trust advisor’s or trust protector’s actions, or regarding other material information or the availability of such information, related to the administration of the trust that would be reasonably necessary for each cotrustee, trust advisor, trust protector or other fiduciary to perform his or her duties as a trustee, trust advisor, trust protector or other fiduciary of the trust.