§ 33B-16 – Limitations of action against custodial trustee.
33B-16. Limitations of action against custodial trustee. (a) Except as provided in subsections (b) and (c) of this section, a claim for relief against a custodial trustee for accounting or breach of duty is barred as to a beneficiary, a person to whom custodial trust property is to be paid or delivered, or the legal […]
§ 33B-17 – Distribution on termination.
33B-17. Distribution on termination. (a) Upon termination of a custodial trust, the custodial trustee shall transfer the unexpended custodial trust property: (1) To the beneficiary, if not incapacitated or deceased; (2) To the guardian of the estate or other recipient designated by the court for an incapacitated beneficiary; or (3) Upon the beneficiary’s death, in […]
§ 33B-18 – Methods and forms of creating custodial trusts.
33B-18. Methods and forms of creating custodial trusts. (a) If a transaction (including a declaration with respect to or a transfer of specific property) otherwise satisfies applicable law, the criteria of G.S. 33B-2 are satisfied by: (1) The execution and either delivery to the custodial trustee or recording of an instrument in substantially the following […]
§ 33B-19 – Applicable law.
33B-19. Applicable law. (a) This act applies to a transfer or declaration creating a custodial trust that refers to this act if, at the time of the transfer or declaration, the transferor, beneficiary, or custodial trustee is a resident of or has its principal place of business in this State or the custodial trust property […]
§ 33B-20 – Uniformity of application and construction.
33B-20. Uniformity of application and construction. This act shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this act among states enacting it. (1995, c. 486, s. 1.)
§ 33B-21 – Short title.
33B-21. Short title. This act may be cited as the "North Carolina Uniform Custodial Trust Act". (1995, c. 486, s. 1.)
§ 33B-22 – Limitation on value of custodial trust property.
33B-22. Limitation on value of custodial trust property. Transfers or declarations of property to the corpus of a custodial trust under this act shall not exceed in the aggregate one hundred thousand dollars ($100,000) in value, exclusive of the value of the transferor’s or declarant’s personal residence. This limitation shall not apply to any appreciation […]
§ 33B-13 – Declination, resignation, incapacity, death, or removal of custodial trustee; designation of successor custodial trustee.
33B-13. Declination, resignation, incapacity, death, or removal of custodial trustee; designation of successor custodial trustee. (a) Before accepting the custodial trust property, a person designated as custodial trustee may decline to serve by notifying the person who made the designation, the transferor, or the transferor’s legal representative. In such case, the transferor or the transferor’s […]
§ 33B-14 – Expenses, compensation, and bond of custodial trustee.
33B-14. Expenses, compensation, and bond of custodial trustee. Except as otherwise provided in the instrument creating the custodial trust, in an agreement with the beneficiary, or by court order, a custodial trustee: (1) Is entitled to reimbursement from custodial trust property for reasonable expenses incurred in the performance of fiduciary services; (2) May charge, no […]
§ 33B-15 – Reporting and accounting by custodial trustee; determination of liability of custodial trustee.
33B-15. Reporting and accounting by custodial trustee; determination of liability of custodial trustee. (a) Upon the acceptance of custodial trust property, the custodial trustee shall provide a written statement that the custodial trust property is held pursuant to this act and describing the custodial trust property. The custodial trustee shall thereafter provide a written statement […]