Section 30-4-3-29.5 - Corporate trustee that acquires trust due to change in control(a) Except as provided in subsection (b) and unless the trust instrument provides otherwise, a corporate trustee that acquires a trust as a result of a change in control may not: (1) decline to accept the trust property;(2) resign as trustee; or(3) otherwise refuse to administer the trust; based upon the amount of property or funds held in the trust estate.
(b) A court may, at the court's discretion, allow a trustee described in subsection (a) to resign if: (1) the trustee petitions the court; and(2) the court determines that the trustee's resignation will be in the best interests of all the beneficiaries of the trust.As added by P.L. 199-1996, SEC.2.