§ 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-8 – General powers of custodial trustee.
33B-8. General powers of custodial trustee. (a) A custodial trustee, acting in a fiduciary capacity, has all the rights and powers over custodial trust property which an unmarried adult owner has over individually owned property, but a custodial trustee may exercise those rights and powers in a fiduciary capacity only. (b) This section does not […]
§ 33B-9 – Use of custodial trust property.
33B-9. Use of custodial trust property. (a) A custodial trustee shall pay to the beneficiary or expend for the beneficiary’s use and benefit so much or all of the custodial trust property as the beneficiary while not incapacitated may direct from time to time. (b) If the beneficiary is incapacitated, the custodial trustee shall expend […]
§ 33B-10 – Determination of incapacity; effect.
33B-10. Determination of incapacity; effect. (a) The custodial trustee shall administer the custodial trust as for an incapacitated beneficiary if (i) the custodial trust was created under G.S. 33B-5, (ii) the transferor has so directed in the instrument creating the custodial trust, (iii) a determination that a beneficiary is an incompetent adult has been made […]