§ 36C-10-1008 – Exculpation of trustee.
36C-10-1008. Exculpation of trustee. A term of a trust relieving a trustee of liability for breach of trust is unenforceable to the extent that it relieves the trustee of liability for breach of trust committed in bad faith or with reckless indifference to the purposes of the trust or the interests of the beneficiaries. (2005-192, […]
§ 36C-10-1009 – Beneficiary's consent, release, or ratification.
36C-10-1009. Beneficiary’s consent, release, or ratification. (a) A trustee is not liable to a beneficiary for breach of trust if the beneficiary consented to the conduct constituting the breach, released the trustee from liability for the breach, or ratified the transaction constituting the breach, unless: (1) The consent, release, or ratification of the beneficiary was […]
§ 36C-10-1010 – Limitation on personal liability of trustee.
36C-10-1010. Limitation on personal liability of trustee. (a) Except as otherwise provided in the contract, a trustee is not personally liable on a contract properly entered into in the trustee’s fiduciary capacity in the course of administering the trust if the trustee in making the contract disclosed the fiduciary capacity. The addition of the phrase […]
§ 36C-10-1011 – Interest as general partner.
36C-10-1011. Interest as general partner. (a) Except as otherwise provided in subsection (c) of this section or unless personal liability is imposed in the contract, a trustee who holds, in a fiduciary capacity, an interest as a general partner in a general or limited partnership is not personally liable on a contract entered into by […]
§ 36C-10-1012 – Protection of person dealing with trustee.
36C-10-1012. Protection of person dealing with trustee. (a) A person other than a beneficiary who in good faith assists a trustee, or who in good faith and for value deals with a trustee, without knowledge that the trustee is exceeding or improperly exercising the trustee’s powers, is protected from liability as if the trustee properly […]
§ 36C-10-1013 – Certification of trust.
36C-10-1013. Certification of trust. (a) Instead of furnishing a copy of the trust instrument to a person other than a beneficiary, the trustee may furnish to the person a certification of trust containing the following information: (1) The existence of the trust and the date the trust instrument was executed; (2) The identity of the […]
§ 36C-10-1003 – Liability in absence of breach.
36C-10-1003. Liability in absence of breach. (a) A trustee is accountable for any profit made by the trustee arising from the administration of the trust, even absent a breach of trust. Nothing in this section limits a trustee’s right to compensation under G.S. 36C-7-708 or payments allowed under G.S. 36C-8-802(f). (b) Absent a breach of […]
§ 36C-10-1004 – Attorneys' fees and costs.
36C-10-1004. Attorneys’ fees and costs. In a judicial proceeding involving the administration of a trust, the court may award costs and expenses, including reasonable attorneys’ fees, as provided in the General Statutes, except that, in the case of a proceeding to establish the validity of a trust under Article 4C of this Chapter, the court […]
§ 36C-10-1005 – Limitation of action against trustee.
36C-10-1005. Limitation of action against trustee. (a) No proceeding against a trustee for breach of trust may be commenced more than five years after the first to occur of: (i) the removal, resignation, or death of the trustee; (ii) the termination of the beneficiary’s interest in the trust; or (iii) the termination of the trust. […]
§ 36C-10-1006 – Reliance on trust instrument.
36C-10-1006. Reliance on trust instrument. A trustee who acts in reasonable reliance on the terms of the trust as expressed in a trust instrument is not liable for a breach of trust to the extent that the breach resulted from the reliance. (2005-192, s. 2.)