North Carolina General Statutes Chapter 33B North Carolina Uniform Custodial Trust Act

• N.C. Gen. Stat. § 33B-1.   Definitions
  As used in this act: (1) "Adult" means an individual who is at least 21 years of age. (2) "Beneficiary" means an individual for...
• N.C. Gen. Stat. § 33B-2.   Custodial trust; general
  (a) A person may create a custodial trust of property by a written transfer of the property to a trust company or an adult...
• N.C. Gen. Stat. § 33B-3.   Custodial trust to begin in the future
  (a) A person may create a custodial trust to begin in the future by designating the transferee in substance "as custodial trustee for ____________...
• N.C. Gen. Stat. § 33B-4.   Form and effect of receipt and acceptance by custodial trustee; jurisdiction
  (a) Obligations of a custodial trustee, including the obligation to follow directions of the beneficiary, arise under this act upon the custodial trustee's acceptance,...
• N.C. Gen. Stat. § 33B-5.   Transfer to custodial trustee by fiduciary or obligor; facility of payment
  (a) A person, including a fiduciary other than a custodial trustee, who holds property of or owes a debt to an incapacitated individual not...
• N.C. Gen. Stat. § 33B-6.   Single beneficiaries; separate custodial trusts
  (a) Beneficial interests in a custodial trust may not be created for multiple beneficiaries. (b) All custodial trust property held under this act by...
• N.C. Gen. Stat. § 33B-7.   General duties of custodial trustee
  (a) If appropriate, a custodial trustee shall register or record the instrument vesting title to custodial trust property. (b) If the beneficiary is not...
• N.C. Gen. Stat. § 33B-8.   General powers of custodial trustee
  (a) A custodial trustee, acting in a fiduciary capacity, has all the rights and powers over custodial trust property which an unmarried adult owner...
• N.C. Gen. Stat. § 33B-9.   Use of custodial trust property
  (a) A custodial trustee shall pay to the beneficiary or expend for the beneficiary's use and benefit so much or all of the custodial...
• N.C. Gen. Stat. § 33B-10.   Determination of incapacity; effect
  (a) The custodial trustee shall administer the custodial trust as for an incapacitated beneficiary if (i) the custodial trust was created under G.S. 33B-5,...
• N.C. Gen. Stat. § 33B-11.   Third-party transactions
  A third person in good faith and without a court order may act on instructions of, or otherwise deal with, a person purporting to...
• N.C. Gen. Stat. § 33B-12.   Liability to the third person
  (a) A claim based on (i) a contract entered into by a custodial trustee acting in a fiduciary capacity, (ii) an obligation arising from...
• N.C. Gen. Stat. § 33B-13.   Declination, resignation, incapacity, death, or removal of custodial trustee; designation of successor custodial trustee
  (a) Before accepting the custodial trust property, a person designated as custodial trustee may decline to serve by notifying the person who made the...
• N.C. Gen. Stat. § 33B-14.   Expenses, compensation, and bond of custodial trustee
  Except as otherwise provided in the instrument creating the custodial trust, in an agreement with the beneficiary, or by court order, a custodial trustee:...
• N.C. Gen. Stat. § 33B-15.   Reporting and accounting by custodial trustee; determination of liability of custodial trustee
  (a) Upon the acceptance of custodial trust property, the custodial trustee shall provide a written statement that the custodial trust property is held pursuant...
• N.C. Gen. Stat. § 33B-16.   Limitations of action against custodial trustee
  (a) Except as provided in subsections (b) and (c) of this section, a claim for relief against a custodial trustee for accounting or breach...
• N.C. Gen. Stat. § 33B-17.   Distribution on termination
  (a) Upon termination of a custodial trust, the custodial trustee shall transfer the unexpended custodial trust property: (1) To the beneficiary, if not incapacitated...
• N.C. Gen. Stat. § 33B-18.   Methods and forms of creating custodial trusts
  (a) If a transaction (including a declaration with respect to or a transfer of specific property) otherwise satisfies applicable law, the criteria of G.S....
• N.C. Gen. Stat. § 33B-19.   Applicable law
  (a) This act applies to a transfer or declaration creating a custodial trust that refers to this act if, at the time of the...
• N.C. Gen. Stat. § 33B-20.   Uniformity of application and construction
  This act shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this...
• N.C. Gen. Stat. § 33B-21.   Short title
  This act may be cited as the "North Carolina Uniform Custodial Trust Act". (1995, c. 486, s. 1.)
• N.C. Gen. Stat. § 33B-22.   Limitation on value of custodial trust property
  Transfers or declarations of property to the corpus of a custodial trust under this act shall not exceed in the aggregate one hundred thousand...

Last modified: March 23, 2014