§ 36C-8B-7 – Notice; exercise of decanting power.
36C-8B-7. Notice; exercise of decanting power. (a) Except as otherwise provided in this Article, an authorized fiduciary may exercise the decanting power without the consent of any person and without court approval. (b) Except as otherwise provided in this section, an authorized fiduciary shall give written notice of the intended exercise of the decanting power […]
§ 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.)
§ 36C-8A-2 – Powers of a power holder.
36C-8A-2. Powers of a power holder. (a) The terms of a trust may confer upon a power holder a power to direct or consent to a duty that would normally be required of a trustee, including, but not limited to, a power to direct or consent to the following: (1) Investments, including any action relating […]
§ 36C-8A-3 – Duty and liability of power holder.
36C-8A-3. Duty and liability of power holder. (a) Except as otherwise provided in subsection (f) of this section, a power holder is a fiduciary with respect to the exercise or nonexercise of a power and has the same duty and liability as the following: (1) If the power is not held jointly with the trustee […]
§ 36C-8A-4 – Duty and liability of trustee.
36C-8A-4. Duty and liability of trustee. (a) If the terms of a trust confer upon a power holder the power to direct certain actions of the trustee, the trustee shall act in accordance with the direction and is not liable, individually or as a fiduciary, for any loss resulting directly or indirectly from compliance with […]