306.81 DISPOSITION OF PROPERTY TO SUCCESSOR TRUSTEE.
Upon the revocation of the appointment, resignation, or removal of any sole trustee or
individual appointed under section
, the board of trustees of the association shall promptly
appoint a successor. The resigning or removed trustee shall then immediately turn over to the
successor all property belonging to or pertaining to the fund. When the board of trustees of the
association gives written notice of the resignation or removal of any trustee, or of an application
to the court for an accounting by or removal of any trustee, a bank, trust company, safety deposit
company, or other corporation, institution, or individual possessing money, securities, papers,
or other property belonging or pertaining to the fund, shall refuse payment or delivery of all or
part of it to the trustee named in the notice. Upon its or their check or other authorization, except
upon a check or other authorization for the transfer, surrender, or delivery of the same, or any
part thereof, the bank, company, or other entity shall pay or deliver the money, securities, papers,
or other property to the successor.
History: (7619) 1917 c 95 s 6; 1923 c 359 s 2; 1986 c 444; 1988 c 469 art 5 s 1