(1) Except as otherwise provided by the terms of the governing instrument, upon learning of a vacancy in the office of statutory trust advisor, (a) the trustee is vested with any fiduciary power or duty that otherwise would be vested in the trustee but that by the terms of the governing instrument was vested in the statutory trust advisor, until such time that a statutory trust advisor is appointed pursuant to the terms of the governing instrument or by a court upon the petition of any person interested in the trust; and (b) if the trustee determines that the terms of the governing instrument require the vacancy to be filled, the trustee may petition the court to fill the vacancy.

(2) Notwithstanding subsection (1)(a) of this section, a trustee is not liable for failing to exercise or assume any power or duty held by a statutory trust advisor and conferred upon the trustee by subsection (1)(a) of this section for the sixty-day period immediately following the date the trustee learns of such vacancy.

[2015 c 115 § 9.]