There is a vacancy in the office of trustee in any of the following circumstances:
(a)
The person named as trustee rejects the trust.
(b)
The person named as trustee cannot be identified or does not exist.
(c)
The trustee resigns or is
removed.
(d)
The trustee dies.
(e)
A conservator or guardian of the person or estate of an individual trustee is appointed.
(f)
The trustee is the subject of an order for relief in bankruptcy.
(g)
A trust company’s charter is revoked or powers are suspended, if the revocation or suspension is to be in effect for a period of 30 days or more.
(h)
A receiver is appointed for a trust company if the appointment is not vacated within a period of 30 days.