§ 36C-8-809 – Control and protection of trust property.
36C-8-809. Control and protection of trust property. A trustee shall take reasonable steps to take control of and protect the trust property. (2005-192, s. 2.)
§ 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-6-606 – Revocation of provisions in revocable trust by divorce or annulment; revival.
36C-6-606. Revocation of provisions in revocable trust by divorce or annulment; revival. Dissolution of the settlor’s marriage by absolute divorce or annulment after executing a revocable trust revokes all provisions in the trust in favor of the settlor’s former spouse, including, but not by way of limitation, any provision conferring a general or special power […]
§ 36C-6-607 – Modification or termination of a revocable trust.
36C-6-607. Modification or termination of a revocable trust. (a) A revocable trust may be modified or terminated by the court pursuant to any of the methods for modification or termination of an irrevocable trust set forth in G.S. 36C-4-411(b) or (c), 36C-4-412, 36C-4-415, or 36C-4-416. (b) The settlor is a necessary party to any proceeding […]
§ 36C-7-701 – Accepting or declining trusteeship.
36C-7-701. Accepting or declining trusteeship. (a) Except as otherwise provided in subsection (c) of this section, a person designated as trustee accepts the trusteeship: (1) By substantially complying with a method of acceptance provided in the terms of the trust; or (2) If the terms of the trust do not provide a method or the […]
§ 36C-7-702 – Trustee's bond.
36C-7-702. Trustee’s bond. (a) A trustee shall provide bond to secure the performance of the trustee’s duties if: (1) The trust instrument was executed before January 1, 2006, unless the terms of the trust instrument provide otherwise; (2) The trust instrument was executed on or after January 1, 2006, but only if the terms of […]
§ 36C-7-703 – Cotrustees.
36C-7-703. Cotrustees. (a) Cotrustees who are unable to reach a unanimous decision may act by majority decision if more than two are serving. Unanimity is required when only two cotrustees are serving. (b) If a vacancy occurs in a cotrusteeship, the remaining cotrustees may act for the trust and exercise all trustee powers, except those […]
§ 36C-7-704 – Vacancy in trusteeship; appointment of successor.
36C-7-704. Vacancy in trusteeship; appointment of successor. (a) A vacancy in a trusteeship occurs if: (1) A person designated as trustee rejects the trusteeship; (2) A person designated as trustee cannot be identified or does not exist; (3) A trustee resigns; (4) A trustee is disqualified or removed; (5) A trustee dies; or (6) A […]
§ 36C-7-705 – Resignation of trustee.
36C-7-705. Resignation of trustee. (a) A trustee may resign: (1) Upon at least 30 days’ notice in writing to the qualified beneficiaries, the settlor, if living, and all cotrustees; or (2) With the approval of the court. (b) In approving a resignation, the court may issue orders and impose conditions reasonably necessary for the protection […]
§ 36C-7-706 – Removal of trustee.
36C-7-706. Removal of trustee. (a) For the reasons set forth in subsection (b) of this section, the settlor of an irrevocable trust, a cotrustee of an irrevocable trust, or a beneficiary of an irrevocable trust may request the court to remove a trustee, or a trustee may be removed by the court on its own […]