§ 37A-4-401 – Character of receipts.
37A-4-401. Character of receipts. (a) In this section, "entity" means a corporation, partnership, limited liability company, regulated investment company, real estate investment trust, common trust fund, or any other organization in which a trustee has an interest other than a trust or estate to which G.S. 37A-4-402 applies, a business or activity to which G.S. […]
§ 37A-4-402 – Distribution from trust or estate.
37A-4-402. Distribution from trust or estate. A trustee shall allocate to income an amount received as a distribution of income from a trust or an estate in which the trust has an interest other than a purchased interest and shall allocate to principal an amount received as a distribution of principal from the trust or […]
§ 37A-4-403 – Business and other activities conducted by trustee.
37A-4-403. Business and other activities conducted by trustee. (a) If a trustee who conducts a business or other activity determines that it is in the best interest of all the beneficiaries to account separately for the business or activity instead of accounting for it as part of the trust’s general accounting records, the trustee may […]
§ 37A-4-404 – Principal receipts.
37A-4-404. Principal receipts. A trustee shall allocate to principal: (1) To the extent not allocated to income under this Chapter, assets received from a transferor during the transferor’s lifetime, a decedent’s estate, a trust with a terminating income interest, or a payer under a contract naming the trust or its trustee as beneficiary; (2) Money […]
§ 37A-4-405 – Rental property.
37A-4-405. Rental property. To the extent that a trustee accounts for receipts from rental property under this section, the trustee shall allocate to income an amount received as rent of real or personal property, including an amount received for cancellation or renewal of a lease. An amount received as a refundable deposit, including a security […]
§ 37A-2-201 – Determination and distribution of net income.
37A-2-201. Determination and distribution of net income. After a decedent dies, in the case of an estate, or after an income interest in a trust ends, the following rules apply: (1) A fiduciary of an estate or of a terminating income interest shall determine the amount of net income and net principal receipts received from […]
§ 37A-2-202 – Distribution to residuary and remainder beneficiaries.
37A-2-202. Distribution to residuary and remainder beneficiaries. (a) Each beneficiary described in G.S. 37A-2-201(4) is entitled to receive a portion of the net income equal to the beneficiary’s fractional interest in undistributed principal assets, using values as of the distribution date. If a fiduciary makes more than one distribution of assets to beneficiaries to whom […]
§ 37A-3-301 – When right to income begins and ends.
37A-3-301. When right to income begins and ends. (a) An income beneficiary is entitled to net income from the date on which the income interest begins. An income interest begins on the date specified in the terms of the trust or, if no date is specified, on the date an asset becomes subject to a […]
§ 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 […]