§ 36C-4B-7 – Interpretation.
36C-4B-7. Interpretation. This Article shall be interpreted and construed to effectuate its general purpose to cause all charitable remainder annuity trusts and all charitable remainder unitrusts to be administered in accordance with section 2055 and section 2522 of the Internal Revenue Code and the regulations under those sections. (1981 (Reg. Sess., 1982), c. 1252, s. […]
§ 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 […]
§ 36C-4-418 – Distribution upon termination of trust.
36C-4-418. Distribution upon termination of trust. Upon termination of a trust under G.S. 36C-4-411(a), the trustee shall distribute the trust property as agreed by the beneficiaries. Upon termination of a trust under G.S. 36C-4-411(b) or (c), the trustee shall distribute the trust property in accordance with the order entered by the court. Upon termination of […]
§ 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 […]