Trustee; removal upon petition of assignor or creditor

Sec. 5. (a) If the trustee fails to comply with the provisions of sections 1 through 4 of this chapter, the judge of the circuit court, superior court, or probate court, or the clerk of the circuit court may, at the instance of the assignor or a creditor, by petition: (1) remove the trustee; and (2) appoint another suitable person as trustee. (b) A replacement trustee shall: (1) comply with the requirements specified in this chapter; (2) immediately take possession and control of the property assigned; and (3) enter upon the execution of the trust, as provided in this chapter. [Pre-2002 Recodification Citation: 32-12-1-5.] As added by P.L.2-2002, SEC.3. Amended by P.L.84-2016, SEC.137.