§ 36C-8B-21 – Need to distribute not required.
36C-8B-21. Need to distribute not required. An authorized fiduciary may exercise the decanting power whether or not under the first trust’s discretionary distribution standard the fiduciary would have made or could have been compelled to make a discretionary distribution of principal at the time of exercise. (2017-121, s. 1.)
§ 36C-8B-22 – Saving provision.
36C-8B-22. Saving provision. (a) If exercise of the decanting power would be effective under this Article except that the second trust in part does not comply with this Article, the exercise of the decanting power is effective and the following rules apply with respect to the principal of the second trust attributable to the exercise […]
§ 36C-8B-24 – Terms of second trust.
36C-8B-24. Terms of second trust. A reference in this Chapter to a trust instrument or terms of the trust includes a second trust and the terms of the second trust. (2017-121, s. 1.)
§ 36C-8B-25 – Settlor.
36C-8B-25. Settlor. (a) For the purposes of the laws of this State other than this Article and subject to subsection (b) of this section, a settlor of a first trust shall be deemed to be the settlor of the second trust with respect to the portion of the principal of the first trust subject to […]
§ 36C-8B-26 – Later-discovered property.
36C-8B-26. Later-discovered property. (a) Except as otherwise provided in subsection (c) of this section, if exercise of the decanting power was intended to distribute all the principal of the first trust to one or more second trusts, later-discovered property belonging to the first trust and property paid to or acquired by the first trust after […]
§ 36C-8B-19 – Tax-related limitations.
36C-8B-19. Tax-related limitations. (a) The following definitions apply in this section: (1) Grantor trust. – A trust as to which a settlor of a first trust is considered the owner under sections 671 through 677 or section 679 of the Internal Revenue Code. (2) Nongrantor trust. – A trust that is not a grantor trust. […]
§ 36C-8B-20 – Duration of second trust.
36C-8B-20. Duration of second trust. (a) Subject to subsection (b) of this section, a second trust may have a duration that is the same as or different from the duration of the first trust. (b) To the extent that property of a second trust is attributable to property of the first trust, the property of […]
§ 36C-8B-9 – Court involvement.
36C-8B-9. Court involvement. (a) An authorized fiduciary, a beneficiary, or a person entitled to notice under G.S. 36C-8B-7(b) may commence a proceeding for any of the following purposes: (1) To approve or disapprove a proposed exercise of the authorized fiduciary’s decanting power. (2) To appoint a special fiduciary to exercise the decanting power. (b) Nothing […]
§ 36C-8B-10 – Formalities.
36C-8B-10. Formalities. An exercise of the decanting power shall be made in a written instrument signed by an authorized fiduciary. The signed written instrument shall identify, directly or by reference to the notice required by G.S. 36C-8B-7, the first trust and the second trust or trusts and state the property of the first trust being […]
§ 36C-8B-11 – Decanting power.
36C-8B-11. Decanting power. (a) The following definitions apply to this section: (1) Noncontingent right. – A right that is not subject to the exercise of discretion or the occurrence of a specified event that is not certain to occur. The term does not include a right held by a beneficiary if any person has discretion […]