§ 36C-1-101 – Short title.
36C-1-101. Short title. This Chapter may be cited as the North Carolina Uniform Trust Code. (2005-192, s. 2.)
§ 36C-1-102 – Scope.
36C-1-102. Scope. This Chapter applies to any express trust, private or charitable, with additions to the trust, wherever and however created. The term "express trust" includes both testamentary and inter vivos trusts, regardless of whether the trustee is required to account to the clerk of superior court. This Chapter also applies to any trust created […]
§ 36C-1-103 – Definitions.
36C-1-103. Definitions. The following definitions apply in this Chapter: (1) Action. – When applicable to an act of a trustee, includes a failure to act. (2) Ascertainable standard. – A standard relating to an individual’s health, education, support, or maintenance within the meaning of section 2041(b)(1)(A) or 2514(c)(1) of the Internal Revenue Code. (3) Beneficiary. […]
§ 36C-1-104 – Knowledge.
36C-1-104. Knowledge. (a) Subject to subsection (b) of this section, a person has knowledge of a fact if the person: (1) Has actual knowledge of it; (2) Has received notice or notification of it; or (3) From all the facts and circumstances known to the person at the time in question, has reason to know […]
§ 36C-1-105 – Default and mandatory rules.
36C-1-105. Default and mandatory rules. (a) Except as otherwise provided in the terms of the trust, this Chapter governs the duties and powers of a trustee and a power holder under Article 8A of this Chapter, relations among trustees and those power holders, and the rights and interests of a beneficiary. (b) The terms of […]
§ 36C-1-106 – Common law of trusts; principles of equity.
36C-1-106. Common law of trusts; principles of equity. The common law of trusts and principles of equity supplement this Chapter, except to the extent modified by this Chapter or another statute of this State. (2005-192, s. 2.)
§ 36C-1-107 – Governing law.
36C-1-107. Governing law. (a) The meaning and effect of the terms of a trust are determined by any of the following: (1) The law of the jurisdiction designated in the terms unless the designation of that jurisdiction’s law is contrary to a strong public policy of the jurisdiction having the most significant relationship to the […]
§ 36C-1-108 – Principal place of administration.
36C-1-108. Principal place of administration. (a) Without precluding other means for establishing a sufficient connection with the designated jurisdiction, terms of a trust designating the principal place of administration are valid and controlling if: (1) A trustee’s principal place of business is located in, or a trustee is a resident of, the designated jurisdiction; or […]
§ 36C-1-109 – Methods and waiver of notice.
36C-1-109. Methods and waiver of notice. (a) Subject to subsection (d) of this section, notice to a person under this Chapter or the sending of a document to a person under this Chapter must be accomplished in a manner reasonably suitable under the circumstances and likely to result in receipt of the notice or document. […]
§ 36C-1-110 – Others treated as qualified beneficiaries.
36C-1-110. Others treated as qualified beneficiaries. (a) A charitable organization expressly designated to receive distributions under the terms of a charitable trust has the rights of a qualified beneficiary under this Chapter if the charitable organization, on the date the charitable organization’s qualification is being determined: (1) Is a distributee or permissible distributee of trust […]
§ 36C-1-111 – Nonjudicial settlement agreements.
36C-1-111. Nonjudicial settlement agreements. (a) For purposes of this section, "interested persons" means persons whose consent would be required in order to achieve a binding settlement were the settlement to be approved by the court. (b) Interested persons may enter into a binding nonjudicial settlement agreement with respect to any of the following matters involving […]
§ 36C-1-112 – Rules of construction.
36C-1-112. Rules of construction. The rules of construction that apply in this State to the interpretation of and disposition of property by will also apply as appropriate to the interpretation of the terms of a trust and the disposition of the trust property. (2005-192, s. 2.)
§ 36C-1-113 – Construction of certain formula clauses applicable to estates of decedents dying in calendar year 2010.
36C-1-113. Construction of certain formula clauses applicable to estates of decedents dying in calendar year 2010. (a) Purpose. – The federal estate tax and generation-skipping transfer tax expired January 1, 2010, for one year. To carry out the intent of decedents in the construction of wills and trusts and to promote judicial economy in the […]
§ 36C-1-114 – Insurable interest of trustee.
36C-1-114. Insurable interest of trustee. (a) As used in this section, the term "settlor" means a person that executes a trust instrument. The term includes a person for whom a fiduciary or agent is acting. (b) A trustee of a trust has an insurable interest in the life of an individual insured under a life […]