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§ 703. Successor trust­ee

 

 

(a) If a trust­ee dies or re­signs dur­ing a case, fails to qual­i­fy un­der sec­tion 322 of this ti­tle, or is re­moved un­der sec­tion 324 of this ti­tle, cred­i­tors may elect, in the man­ner spe­ci­fied in sec­tion 702 of this ti­tle, a per­son to fill the va­can­cy in the of­fice of trust­ee.

(b) Pend­ing elec­tion of a trust­ee un­der sub­sec­tion (a) of this sec­tion, if nec­es­sary to pre­serve or pre­vent loss to the es­tate, the Unit­ed States trust­ee may ap­point an in­ter­im trust­ee in the man­ner spe­ci­fied in sec­tion 701(a).

(c) If cred­i­tors do not elect a suc­ces­sor trust­ee un­der sub­sec­tion (a) of this sec­tion or if a trust­ee is needed in a case re­open­ed un­der sec­tion 350 of this ti­tle, then the Unit­ed States trust­ee—

(1) shall ap­point one disin­ter­ested per­son that is a mem­ber of the pan­el of pri­vate trust­ees es­tab­lished un­der sec­tion 586(a)(1) of ti­tle 28 to serve as trust­ee in the case; or

(2) may, if none of the disin­ter­ested mem­bers of such pan­el is will­ing to serve as trust­ee, serve as trust­ee in the case.

(Pub. L. 95-598, Nov. 6, 1978, 92 Stat. 2605; Pub. L. 98-353, ti­tle III, § 473, July 10, 1984, 98 Stat. 381; Pub. L. 99-554, ti­tle II, § 216, Oct. 27, 1986, 100 Stat. 3100.)

 

 

 

 

 

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