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. (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. (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. (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. (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. (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 […]
36C-7-707. Delivery of property by former trustee. (a) Unless a cotrustee remains in office or the court otherwise orders, and until the trust property is delivered to a successor trustee or other person entitled to it, a trustee who has resigned or been removed has the duties of a trustee and the powers necessary to […]
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-7-709. Reimbursement of expenses. A trustee is entitled to be reimbursed out of the trust property for expenses properly incurred in the administration of the trust as provided in G.S. 32-58. (2005-192, s. 2.)
