Voting By Trustees

Often shares are held in the name of multiple trustees. For example, a corporation may issue shares to “Jane & John Doe, Trustees under the Doe Family Trust”. What if only Jane signs an action by written consent?

Section 15620 of the California Probate Code provides as follows:

Unless otherwise provided in the trust instrument, a power vested in two or more trustees may only be exercised by their unanimous action.

Please see full article below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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