§ 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-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-8B-1 – Short title.
36C-8B-1. Short title. This Article shall be known and may be cited as the North Carolina Uniform Trust Decanting Act. (2017-121, s. 1.)
§ 36C-8B-2 – Definitions.
36C-8B-2. Definitions. The following definitions apply to this Article, unless the context clearly requires otherwise: (1) Authorized fiduciary. – A trustee or other fiduciary, other than a settlor, that has discretion to distribute or direct a trustee to distribute part or all of the principal of the first trust to one or more current beneficiaries. […]
§ 36C-8B-3 – Scope.
36C-8B-3. Scope. (a) Except as otherwise provided in this section, this Article applies to an express trust that is irrevocable or revocable by the settlor only with the consent of the trustee or a person holding an adverse interest. (b) This Article shall not apply to a trust held solely for charitable purposes as described […]
§ 36C-8B-4 – Fiduciary duty.
36C-8B-4. Fiduciary duty. (a) In exercising the decanting power, an authorized fiduciary shall act in accordance with its fiduciary duties, including the duty to act in accordance with the purposes of the first trust. (b) This Article does not create or imply a duty to exercise the decanting power or to inform beneficiaries about the […]
§ 36C-8B-5 – Application; governing law.
36C-8B-5. Application; governing law. This Article shall apply to a trust that meets any of the following criteria: (1) The trust has its principal place of administration in this State, including a trust that has had its principal place of administration changed to this State. (2) The trust provides by its trust instrument that it […]
§ 36C-8B-6 – Reasonable reliance.
36C-8B-6. Reasonable reliance. A trustee or other person that reasonably relies on the validity of the exercise of a decanting power under this Article, law of this State other than this Article, or the exercise of a similar power under the law of this State or another jurisdiction shall not be liable to any person […]