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A trustee is responsible for managing the assets held in the trust on behalf of its beneficiaries. If you're the beneficiary of a trust, you may find it necessary to remove the trustee if you ...
In a Chapter 7 case, the debtor has no absolute right to discharge. A creditor or trustee may file an objection to the discharge of the debt. To object to a discharge, a creditor must file a complaint before the deadline outlined in the notice sent by the bankruptcy court. More than 90% of Chapter 7 debtors receive a discharge of debts. [12]
Trustees must provide regular accountings of trust income and expenditures. A court of competent jurisdiction can remove a trustee who breaches their duty. Some breaches can be charged and tried as criminal offenses. A trustee can be a natural person, business entity or public body. A trust in the US may be subject to federal and state taxation.
There are different reasons why a trustee might need to remove a beneficiary from a trust. For example, removal might be necessary if the trustee:
The automatic stay requires all creditors to cease collection attempts, and makes many post-petition debt collection efforts void or voidable. Under some circumstances, some creditors, or the United States Trustee, can request the court convert the case into a liquidation under chapter 7, or appoint a trustee to manage the debtor's business ...
Where removal jurisdiction exists, the defendant may remove the action to federal court by filing a notice of removal in the federal district court within 30 days after receiving the complaint. The defendant must file a copy of the notice of removal in the state court and must notify all other parties of the removal.
In an irrevocable trust, the trust instrument may, in some instances, grant the beneficiaries a power to remove a trustee by a majority vote. Absent this provision, in most UTC jurisdictions, other co-trustees or beneficiaries can remove a trustee only by court action. [25] However, the threshold for removal under the UTC is not substantial.
In December, councilmembers voted to request Whitmer remove Trustee Anthony Kandt over comments made toward councilwoman Jan Lobur in October. After the library board’s meeting Oct. 10, Howell ...