§ 36C-8A-10 – Resignation of power holder.
36C-8A-10. Resignation of power holder. (a) A power holder may resign upon either of the following conditions: (1) Upon at least 30 days’ notice in writing to the qualified beneficiaries, the settlor, if living, and all trustees. (2) With the approval of the court. (b) In approving a resignation, the court may issue orders and […]
§ 36C-8A-11 – Removal of power holder.
36C-8A-11. Removal of power holder. (a) For the reasons set forth in subsection (b) of this section, the settlor of an irrevocable trust, a trustee of an irrevocable trust, or a beneficiary of an irrevocable trust may request the court to remove a power holder, or a power holder may be removed by the court […]
§ 36C-8A-12 – Power holder's bond.
36C-8A-12. Power holder’s bond. (a) A bond shall be required for the performance of the power holder’s duty only if the terms of a trust require the power holder to provide a bond. (b) If no bond is required, the provisions of G.S. 36C-7-702(a)(3) and (4) applicable to a trustee apply to the power holder, […]
§ 36C-8A-4.1 – Limitations of actions against power holder for breach of trust.
36C-8A-4.1. Limitations of actions against power holder for breach of trust. In an action against a power holder for breach of trust, the same limitations of actions apply to the power holder that apply under G.S. 36C-10-1005 to an action for breach of trust against a trustee in a like position and under similar circumstances. […]
§ 36C-8A-4.2 – Defenses in action against power holder.
36C-8A-4.2. Defenses in action against power holder. In an action against a power holder for breach of trust, the power holder may assert the same defenses that a trustee in a like position and under similar circumstances could assert in an action for breach of trust against the trustee, including the following: (1) Reasonable reliance […]
§ 36C-8A-5 – Compensation and reimbursement of expenses of power holder.
36C-8A-5. Compensation and reimbursement of expenses of power holder. A power holder as a fiduciary is entitled to compensation and reimbursement of expenses as provided in G.S. 32-59. (2012-18, s. 3.4.)
§ 36C-8A-6 – Jurisdiction over power holder.
36C-8A-6. Jurisdiction over power holder. (a) By accepting appointment to serve as a power holder with respect to a trust having its principal place of business in this State, or by moving the principal place of administration to this State, the power holder submits personally to the jurisdiction of the courts of this State regarding […]
§ 36C-8A-7 – Accepting or declining the appointment as power holder.
36C-8A-7. Accepting or declining the appointment as power holder. (a) A person designated as a power holder accepts the appointment to serve as a power holder: (1) By substantially complying with a method of acceptance provided in the terms of a trust; or (2) If the terms of a trust do not provide a method […]
§ 36C-8A-8 – Vacancy in the office of the power holder.
36C-8A-8. Vacancy in the office of the power holder. (a) If a vacancy occurs in the office of the power holder because the power holder fails or ceases to act for any reason, all of the following apply: (1) If one or more power holders remain in office, a vacancy in the office of the […]
§ 36C-8A-9 – More than one power holder.
36C-8A-9. More than one power holder. When there is more than one power holder authorized to act, and they are unable to reach a unanimous decision, they may act by majority decision. Unanimity is required when only two are authorized to act. (2012-18, s. 3.4.)