§ 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 […]
§ 33B-11 – Third-party transactions.
33B-11. Third-party transactions. A third person in good faith and without a court order may act on instructions of, or otherwise deal with, a person purporting to make a transfer as, or to act in the capacity of, a custodial trustee. In the absence of actual knowledge to the contrary, the third person is not […]
§ 33B-12 – Liability to the third person.
33B-12. Liability to the third person. (a) A claim based on (i) a contract entered into by a custodial trustee acting in a fiduciary capacity, (ii) an obligation arising from the ownership or control of custodial trust property, (iii) a tort committed in the course of administering the custodial trust, may be asserted by a […]
§ 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 […]
§ 33B-4 – Form and effect of receipt and acceptance by custodial trustee; jurisdiction.
33B-4. Form and effect of receipt and acceptance by custodial trustee; jurisdiction. (a) Obligations of a custodial trustee, including the obligation to follow directions of the beneficiary, arise under this act upon the custodial trustee’s acceptance, express or implied, of the custodial trust property. (b) The custodial trustee’s acceptance may be evidenced by a writing […]
§ 33B-5 – Transfer to custodial trustee by fiduciary or obligor; facility of payment.
33B-5. Transfer to custodial trustee by fiduciary or obligor; facility of payment. (a) A person, including a fiduciary other than a custodial trustee, who holds property of or owes a debt to an incapacitated individual not having a guardian of the estate may make a transfer to an adult member of the beneficiary’s family or […]
§ 33B-1 – Definitions.
33B-1. Definitions. As used in this act: (1) "Adult" means an individual who is at least 21 years of age. (2) "Beneficiary" means an individual for whom property has been transferred to or held under a declaration of trust by a custodial trustee for the individual’s use and benefit under this act. (3) "Guardian of […]