§ 37A-1-104.22 – Determination of unitrust amount.
37A-1-104.22. Determination of unitrust amount. (a) The unitrust amount to be distributed by the express total return unitrust may be determined in the governing instrument by reference to the net fair market value of the trust’s assets determined annually or averaged on a multiple year basis. (b) The terms of the governing instrument of an […]
§ 37A-1-104.23 – Effect of distribution of unitrust amount.
37A-1-104.23. Effect of distribution of unitrust amount. The distribution from an express total return unitrust of the fixed percentage of not less than three percent (3%) nor more than five percent (5%) reasonably apportions between the income beneficiaries and remaindermen the total return of an express total return unitrust. (2005-244, s. 6.)
§ 37A-1-104.24 – Change or conversion of unitrust amount.
37A-1-104.24. Change or conversion of unitrust amount. (a) The terms of the governing instrument of an express total return unitrust may provide the method similar to the method provided under G.S. 37A-1-104.2(a) for changing the unitrust percentage or for converting from a unitrust to an income trust or for a reconversion of an income trust […]
§ 37A-1-104.25 – Determination of character of unitrust amount.
37A-1-104.25. Determination of character of unitrust amount. Unless the terms of the governing instrument of the express total return unitrust specifically provide otherwise, the trustee: (1) Shall consider the unitrust amount as paid from net accounting income determined as if the trust were not a unitrust; (2) Shall then consider the unitrust amount as paid […]
§ 37A-1-104.26 – Unitrust amount in excess of a five percent payout.
37A-1-104.26. Unitrust amount in excess of a five percent payout. A trust that provides for a fixed percentage payout in excess of five percent (5%) per year is considered an express total return unitrust that pays out a fixed percentage of five percent (5%) per year and pays out principal to the extent that the […]
§ 37A-1-105 – Judicial control of discretionary power.
37A-1-105. Judicial control of discretionary power. (a) The court shall not order a fiduciary to change a decision to exercise or not to exercise a discretionary power conferred by this Chapter unless it determines that the decision was an abuse of the fiduciary’s discretion. A fiduciary’s decision is not an abuse of discretion merely because […]
§ 37A-1-104.6 – No effect on principal distributions.
37A-1-104.6. No effect on principal distributions. Conversion to a total return unitrust under this Part shall not affect any other provision of the governing instrument, if any, regarding distributions of principal. For purposes of this Part, the distribution of a unitrust amount is considered a distribution of income and not of principal. (2003-232, s. 2.)
§ 37A-1-104.8 – No liability on part of trustee or disinterested person acting in good faith.
37A-1-104.8. No liability on part of trustee or disinterested person acting in good faith. No trustee or disinterested person who in good faith takes or fails to take any action under this Part shall be liable to any person affected by the action or inaction, regardless of whether the person received written notice as provided […]
§ 37A-1-104.9 – Applicability.
37A-1-104.9. Applicability. This Part shall apply to all trusts in existence on, or created after January 1, 2004, unless (i) the governing instrument contains a provision clearly expressing the settlor’s intention that the current beneficiary or beneficiaries are to receive an amount other than a reasonable current return from the trust, (ii) the trust is […]
§ 37A-1-104.21 – Definitions.
37A-1-104.21. Definitions. (a) An "express total return unitrust" means a trust that has a governing instrument requiring the distribution at least annually of a unitrust amount equal to a fixed percentage of not less than three percent (3%) nor more than five percent (5%) per year of the net fair market value of the trust’s […]