§ 32-72 – Terms of creating instrument.
32-72. Terms of creating instrument. (a) Nothing contained in this Article shall be construed as authorizing any departure from the express terms or limitations set forth in any will, agreement, court order, or other instrument creating or defining the fiduciary’s powers and duties. (b) A fiduciary holding funds for investment who is specifically directed or […]
§ 32-73 – Power of court not restricted.
32-73. Power of court not restricted. Nothing contained in this Article shall be construed as restricting the power of a court of proper jurisdiction to permit a fiduciary to deviate from the terms of any will, agreement, or other instrument relating to the acquisition, investment, reinvestment, exchange, retention, sale, or management of fiduciary property. (1977, […]
§ 32-26 – Incorporation by reference of powers enumerated in § 32-27; restriction on exercise of such powers.
32-26. Incorporation by reference of powers enumerated in 32-27; restriction on exercise of such powers. (a) By an express intention of the testator or settlor so to do contained in a will, or in an instrument in writing whereby a trust estate is created inter vivos, any or all of the powers or any portion […]
§ 32-27 – Powers which may be incorporated by reference in trust instrument.
32-27. Powers which may be incorporated by reference in trust instrument. The following powers may be incorporated by reference as provided in G.S. 32-26: (1) Retain Original Property. – To retain for such time as the fiduciary shall deem advisable any property, real or personal, which the fiduciary may receive, even though the retention of […]
§ 32-53 – Definitions.
32-53. Definitions. The following definitions apply in this Article: (1) Legal disability. – A person under a legal disability is a person who is a minor, incompetent, or unborn individual, or whose identity or location is unknown. (2) Qualified beneficiary. – As defined in G.S. 36C-1-103(15). With respect to a charitable trust defined in G.S. […]
§ 32-54 – Compensation of trustees.
32-54. Compensation of trustees. (a) If the terms of the trust do not specify the trustee’s compensation, the trustee is entitled to receive from the assets of the trust compensation that is reasonable under the circumstances. (b) All of the following factors shall be considered in determining reasonableness of compensation: (1) The degree of difficulty […]
§ 32-55 – Notice.
32-55. Notice. (a) If the terms of the trust do not specify the trustee’s compensation, the trustee may, in the trustee’s discretion, give written notice to all qualified beneficiaries of each proposed payment of compensation if the annual amount of compensation exceeds four-tenths of one percent (4/10 of 1%) of the principal value of the […]
§ 32-56 – Payment of compensation without court order.
32-56. Payment of compensation without court order. The trustee is authorized to pay the compensation provided for in G.S. 32-54 without prior approval of the clerk of superior court only if: (1) The annual amount of compensation does not exceed four-tenths of one percent (4/10 of 1%) of the principal value of the assets of […]
§ 32-57 – Judicial review; payment of compensation and other payments with court order.
32-57. Judicial review; payment of compensation and other payments with court order. (a) If the terms of the trust do not specify the trustee’s compensation, the trustee or any qualified beneficiary, or representative of a qualified beneficiary, may initiate a proceeding under Article 2 of Chapter 36C of the General Statutes for review of the […]
§ 32-12 – Cases not provided for in Article.
32-12. Cases not provided for in Article. In any case not provided for in this Article the rules of law and equity, including the law merchant and those rules of law and equity relating to trusts, agency, negotiable instruments and banking, shall continue to apply. (1923, c. 85, s. 12; C.S., s. 1864(p); 1965, c. […]