§ 36C-4-419 – Effect of inalienable interest on modification or termination.
36C-4-419. Effect of inalienable interest on modification or termination. The court, in exercising its discretion to modify or terminate an irrevocable trust under G.S. 36C-4-411, 36C-4-412, or 36C-4-414 shall consider provisions making the interest of a beneficiary inalienable, including those described in Article 5, but the court is not precluded from the exercise of that […]
§ 36C-4-409 – Noncharitable trust without ascertainable beneficiary.
36C-4-409. Noncharitable trust without ascertainable beneficiary. Except as otherwise provided in G.S. 36C-4-408 or by another statute, the following rules apply: (1) A trust may be created for a noncharitable purpose without a definite or definitely ascertainable beneficiary or for a noncharitable but otherwise valid purpose to be selected by the trustee. The trust may […]
§ 36C-4-410 – Modification or termination of trust; proceedings for approval or disapproval.
36C-4-410. Modification or termination of trust; proceedings for approval or disapproval. (a) In addition to the methods of termination prescribed by G.S. 36C-4-411 through G.S. 36C-4-414, a trust terminates to the extent that the trust is revoked or expires under its terms, no purpose of the trust remains to be achieved, or the purposes of […]
§ 36C-4-411 – Modification or termination of noncharitable irrevocable trust by consent.
36C-4-411. Modification or termination of noncharitable irrevocable trust by consent. (a) If the settlor and all beneficiaries of a noncharitable irrevocable trust consent, they may compel the modification or termination of the trust without the approval of the court even if the modification or termination is inconsistent with a material purpose of the trust. If […]
§ 36C-4-412 – Modification or termination because of unanticipated circumstances or inability to administer trust effectively.
36C-4-412. Modification or termination because of unanticipated circumstances or inability to administer trust effectively. (a) The court may modify the administrative or dispositive terms of a trust or terminate the trust if, because of circumstances not anticipated by the settlor, modification or termination will further the purposes of the trust. To the extent practicable, the […]
§ 36C-4-413 – Cy pres.
36C-4-413. Cy pres. (a) Except as otherwise provided in subsections (c1) and (d) of this section, if a charitable trust becomes unlawful, impracticable, impossible to achieve, or wasteful: (1) The trust does not fail, in whole or in part; (2) The trust property does not revert to the settlor or the settlor’s successors in interest; […]
§ 36C-4-414 – Modification or termination of uneconomic trust.
36C-4-414. Modification or termination of uneconomic trust. (a) After notice to the qualified beneficiaries, the trustee of a trust consisting of trust property having a total value of less than fifty thousand dollars ($50,000) may terminate the trust if the trustee concludes that the value of the trust property is insufficient to justify the cost […]
§ 36C-4-415 – Reformation to correct mistakes.
36C-4-415. Reformation to correct mistakes. The court may reform the terms of a trust, if the terms of the trust are ambiguous, to conform the terms to the settlor’s intent if it is proved by clear and convincing evidence what the settlor’s intent was and that the terms of the trust were affected by a […]
§ 36C-4-416 – Modification to achieve settlor's tax objectives.
36C-4-416. Modification to achieve settlor’s tax objectives. To achieve a settlor’s tax objectives, the court may modify the terms of a trust in a manner that is not contrary to the settlor’s probable intention. The court may provide that the modification has retroactive effect. (2005-192, s. 2; 2006-259, s. 13(g).)
§ 36C-4-417 – Combination and division of trusts.
36C-4-417. Combination and division of trusts. (a) Unless otherwise provided in the trust instrument, a trustee may do any of the following: (1) Consolidate the assets of more than one trust and administer the assets as one trust under the terms of one of the trusts if the terms of the trusts are substantially similar […]