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Maverick
Maverick, Attorney
Category: Estate Law
Satisfied Customers: 5767
Experience:  20 yrs of professional experience.
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Plz let me know the legal status of founder who is also

Customer Question

Plz let me know the legal status of founder who is also trustee and submits resignation from trusteeship (Not settlor) and the rights theerafter to remove another new trustee who has been appointed as managing trustee(settlor) withous my signature on the new trust deed.
JA: Since estate law varies from place to place, can you tell me what state this is in?
Customer: Odisha of India
JA: Have you talked to a lawyer yet?
Customer: No
JA: Anything else you think the lawyer should know?
Customer: They are unable to explain the law provisions
JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Lawyer about your situation and then connect you two.
Submitted: 5 months ago.
Category: Estate Law
Customer: replied 5 months ago.
I am the settlor of a trust established in 1998 beginning with 4 trustees (including myself as trustee). Thereafter 16 new trustees of family inducted in the trust board but their signature is absent in the new trust deed.After several years passed, one of the trustee collected from me the resignation ( from trusteeship and not settlor) in the form of affidavit signed by me but not notorised by me without any notice in writing signed by me. Some days after the remaining 18 trustees executed a new trust deed appointing some new trustee while accepting my resignation affidavit and naming one of the existing trustee as settlor in place of me. What is the legal status of myself either as settlor/trustee since my signature is not on the new trust deed. I hail from Odisha of India.
Customer: replied 5 months ago.
I am the personal guarantor of a loan taken for the trust. The trustees have sent a resolution to the bank authorizing the new trustee as sole operator in place of myself without my knowledge.How to deal with the bank to delete my name as personal guarantor.
Customer: replied 5 months ago.
whether a notice in writing expressing resignation of trust is necessary or will a simple affidavit not accompained by any letter in writing and handed over to one of the trustee and not Board of trustees will validate the acceptance of the resignation.
Customer: replied 5 months ago.
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Expert:  Maverick replied 5 months ago.

Welcome to Just Answer (“JA”)! My name is Maverick.

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ANSWER:

1. There is some question as to whether the trustees could have legally name an new settlor. This is for three reasons. One, you never resigned as settlor; two, by definition, the settlor is the one that creates the trust through an irrevocable grant of his property to the trust [the new settlor does not meet this criteria by definition and lapse of time]; and three, the trsutees cannot breach the trust of the author [you] or the purpose of the trust.

2. It is doubtful that the bank has any duty to release you from guarantorship status even if what the trust did was deemed to be valid; this is because your obligations to the bank arise from a direct contractual relationship with it.

3. You may have to obtain a court order to deem what has been done be undone as it appears to be an invalid transaction.

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