456.7-704.  Vacancy in trusteeship — appointment of successor. — 1.  A vacancy in a trusteeship occurs if:

  (1)  a person designated as trustee declines the trusteeship;

  (2)  a person designated as trustee cannot be identified or does not exist;

  (3)  a trustee resigns;

  (4)  a trustee is disqualified or removed;

  (5)  a trustee dies; or

  (6)  a guardian or conservator is appointed for an individual serving as trustee.

  2.  If one or more cotrustees remain in office, a vacancy in a trusteeship need not be filled.  A vacancy in a trusteeship must be filled if the trust has no remaining trustee.

  3.  A vacancy in a trusteeship required to be filled must be filled in the following order of priority:

  (1)  by a person designated in or pursuant to the terms of the trust to act as successor trustee;

  (2)  by a person appointed by a majority in number of the qualified beneficiaries; or

  (3)  by a person appointed by the court.

  4.  Whether or not a vacancy in a trusteeship exists or is required to be filled, the court may appoint an additional trustee or special fiduciary whenever the court considers the appointment necessary for the administration of the trust.