§ 7-2.3 Trust estate not to descend on death of trustee; appointment,\n duties and rights of successor trustee\n (a) On the death of the sole surviving trustee of an express trust,\nthe trust estate does not vest in his personal representative or pass to\nhis distributees or devisees, but, in the absence of a contrary\ndirection by the creator, if the trust has not been executed, the trust\nestate vests in the supreme court or the surrogate's court, as the case\nmay be, and the trust shall be executed by a person appointed by the\ncourt.\n (b) Upon such notice to the beneficiaries of the trust as the court\nmay direct of an application for the appointment of a successor trustee,\nunless the creator has directed otherwise, the court may appoint a\nsuccessor trustee, even though the trust has terminated, whenever in the\nopinion of the court such appointment is necessary for the effective\nadministration and distribution of the trust estate, subject to the\nfollowing:\n (1) A successor trustee shall give security in such amount as the\ncourt may direct.\n (2) A successor trustee shall be subject to the same duties, as to\naccounting and trust administration, as are imposed by law on trustees\nand, in addition to the reasonable expenses incurred in the course of\ntrust administration, shall be entitled to such commissions as may be\nfixed by any court having jurisdiction to pass upon such trustee's final\naccount, which shall in no case exceed the commissions allowable by law\nto trustees.\n
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