§ 36C-7-708 – Compensation of trustee.
36C-7-708. Compensation of trustee. (a) If the terms of a trust do not specify the trustee’s compensation, a trustee is entitled to compensation determined in accordance with Article 6 of Chapter 32 of the General Statutes. (b) If the terms of a trust specify the trustee’s compensation, the trustee is entitled to be compensated as […]
§ 36C-6-602.1 – Exercise of settlor's powers with respect to revocable trust by agent or guardian.
36C-6-602.1. Exercise of settlor’s powers with respect to revocable trust by agent or guardian. (a) An agent acting under a power of attorney may exercise any of the following powers of the settlor with respect to a revocable trust only to the extent expressly authorized by the terms of the trust or the power of […]
§ 36C-6-603 – Settlor's control of revocable trust.
36C-6-603. Settlor’s control of revocable trust. (a) While a trust is revocable, rights of the beneficiaries are subject to the control of, and the duties of the trustee are owed exclusively to, the settlor. If a trustee is a settlor, the trustee’s actions are presumed to be taken at the direction of the settlor. (b) […]
§ 36C-6-604 – Limitation on action contesting validity of revocable trust; distribution of trust property.
36C-6-604. Limitation on action contesting validity of revocable trust; distribution of trust property. (a) A person may commence a judicial proceeding to contest the validity of a trust that was revocable at the settlor’s death within the earlier of: (1) Three years after the settlor’s death; or (2) 120 days after the trustee sent the […]
§ 36C-6-605 – Failure of disposition of property of a trust by lapse or otherwise.
36C-6-605. Failure of disposition of property of a trust by lapse or otherwise. (a) If a beneficiary under a revocable trust predeceases the execution of the trust or the settlor or is treated as having predeceased the settlor, and if the beneficiary is a grandparent of or a descendant of a grandparent of the settlor, […]
§ 36C-5-505 – Creditor's claim against settlor.
36C-5-505. Creditor’s claim against settlor. (a) Subject to the other applicable law, whether or not the terms of a trust contain a spendthrift provision or the interest in the trust is a discretionary trust interest as defined in G.S. 36C-504(a)(2) or a protective trust interest as defined in G.S. 36C-5-508, the following rules apply: (1) […]
§ 36C-5-506 – Overdue distribution.
36C-5-506. Overdue distribution. (a) In this section, "mandatory distribution" means a distribution of income or principal that the trustee is required to make to a beneficiary under the terms of the trust, including a distribution upon termination of the trust. The term excludes a distribution subject to the exercise of the trustee’s discretion, regardless of […]
§ 36C-5-507 – Personal obligations of trustee.
36C-5-507. Personal obligations of trustee. Trust property is not subject to personal obligations of the trustee, even if the trustee becomes insolvent or bankrupt. (2005-192, s. 2.)
§ 36C-5-508 – Protective trusts.
36C-5-508. Protective trusts. Except with respect to an interest retained by the settlor, a "protective trust interest" means an interest in a trust in which the terms of the trust provide that the interest terminates or becomes discretionary if: (1) The beneficiary alienates or attempts to alienate that interest; or (2) Any creditor attempts to […]
§ 36C-6-601 – Capacity of settlor of revocable trust.
36C-6-601. Capacity of settlor of revocable trust. The capacity required to create, amend, revoke, or add property to a revocable trust, or to direct the actions of the trustee of a revocable trust, is the same as that required to make a will. (2005-192, s. 2.)