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.