[ Text of section effective until March 31, 2012. Repealed by 2008, 521, Sec. 27. See 2008, 521, Sec. 44 as amended by 2010, 409, Sec. 23 and 2011, 224.]

  Section 34. Such new trustee shall be liable only for gross negligence. He may in his discretion invest and reinvest the trust fund or estate delivered to him and sell real and personal estate at public auction or private sale and execute instruments necessary to transfer the title thereto. If such new trustee dies before the expiration of the six years named in the following section, his estate shall be liable on the bond required of such trustee.