onecle - legal research

Court Opinions

State Laws

US Code

US Constitution

North Carolina General Statutes Chapter 36C North Carolina Uniform Trust Code

Legal Research Home > North Carolina Lawyer

Article 1 - General Provisions and Definitions.

  • N.C. Gen. Stat. § 36C-1-101.   Short title
    This Chapter may be cited as the North Carolina Uniform Trust Code. (2005-192, s. 2.)
  • N.C. Gen. Stat. § 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...
  • N.C. Gen. Stat. § 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)...
  • N.C. Gen. Stat. § 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;...
  • N.C. Gen. Stat. § 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, relations among trustees,...
  • N.C. Gen. Stat. § 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...
  • N.C. Gen. Stat. § 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...
  • N.C. Gen. Stat. § 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...
  • N.C. Gen. Stat. § 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...
  • N.C. Gen. Stat. § 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...
  • N.C. Gen. Stat. § 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...
  • N.C. Gen. Stat. § 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...
  • N.C. Gen. Stat. § 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...
  • N.C. Gen. Stat. § 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...

Article 2 - Judicial Proceedings.

  • N.C. Gen. Stat. § 36C-2-201.   Role of court in administration of trust
    (a) The court may intervene in the administration of a trust to the extent its jurisdiction is invoked by a party or as provided...
  • N.C. Gen. Stat. § 36C-2-202.   Jurisdiction over trustee and beneficiary
    (a) By accepting the trusteeship of a trust having its principal place of administration in this State, or by moving the principal place of...
  • N.C. Gen. Stat. § 36C-2-203.   Subject matter jurisdiction
    (a) The clerks of superior court of this State have original jurisdiction over all proceedings concerning the internal affairs of trusts. Except as provided...
  • N.C. Gen. Stat. § 36C-2-204.   Venue
    In any trust proceeding, whether brought before the clerk of superior court or the superior court division of the General Court of Justice, the...
  • N.C. Gen. Stat. § 36C-2-205.   Commencement of proceedings, pleadings, consolidation, and joinder
    (a) Contested Proceedings. - Trust proceedings before the clerk of superior court brought against adverse parties shall be commenced as is prescribed for civil...
  • N.C. Gen. Stat. § 36C-2-206.   Representation of parties
    (a) Notwithstanding any other applicable rule of the Rules of Civil Procedure or provision of Chapter 1 of the General Statutes, in any trust...
  • N.C. Gen. Stat. § 36C-2-207.   Waiver of notice
    A party, or the representative of the party as provided in G.S. 36C-2-206, may waive notice by a writing signed by the party, the...
  • N.C. Gen. Stat. § 36C-2-208.   Accounting to clerk
    (a) No trustee, including a trustee appointed by the clerk of superior court, is required to account to the clerk of superior court unless...
  • N.C. Gen. Stat. § 36C-2-209.   Qualification and accounting of trustee of a testamentary trust
    (a) For any testamentary trust created under a will of a decedent executed before January 1, 2004, the trustee shall first qualify under the...

Article 3 - Representation.

  • N.C. Gen. Stat. § 36C-3-301.   Representation: basic effect
    (a) Notice to a person who may represent and bind another person under this Article has the same effect as if notice were given...
  • N.C. Gen. Stat. § 36C-3-302.   Representation by holder of power of revocation or general power of appointment
    The sole holder or all coholders of a power of revocation or a presently exercisable or testamentary general power of appointment, including one in...
  • N.C. Gen. Stat. § 36C-3-303.   Representation by fiduciaries, parents, and other persons
    To the extent that there is no conflict of interest between the representative and the person represented or among those being represented with respect...
  • N.C. Gen. Stat. § 36C-3-304.   Representation by person having substantially identical interest
    Unless otherwise represented under this Article, a minor, an incompetent or unborn individual, or a person whose identity or location is unknown and not...
  • N.C. Gen. Stat. § 36C-3-305.   Appointment of representative; scope of representation
    (a) If the court determines that an interest is not represented under this Article, or that the otherwise available representation might be inadequate, the...

Article 4 - Creation, Validity, Modification, and Termination of Trust.

  • N.C. Gen. Stat. § 36C-4-401.   Methods of creating trust
    A trust may be created by any of the following methods: (1) Transfer of property by a settlor to a person as trustee during...
  • N.C. Gen. Stat. § 36C-4-401.1.   Interest of trustee as beneficiary of life insurance or other death benefit sufficient to support inter vivos or testamentary trust
    (a) The interest of a trustee as the beneficiary of a life insurance policy is a sufficient property interest or res to support the...
  • N.C. Gen. Stat. § 36C-4-401.2.   Creation of trust by a court
    A court may create or establish a trust by judgment or decree, including a trust pursuant to section 1396p(d)(4) of Title 42 of the...
  • N.C. Gen. Stat. § 36C-4-402.   Requirements for creation
    (a) A trust is created only if: (1) The settlor has capacity to create a trust; (2) The settlor indicates an intention to create...
  • N.C. Gen. Stat. § 36C-4-403.   Trusts created in other jurisdictions
    A trust not created by will is validly created if its creation complies with the law of the jurisdiction in which the trust instrument...
  • N.C. Gen. Stat. § 36C-4-404.   Trust purposes
    A trust may be created only to the extent that its purposes are lawful, not contrary to public policy, and possible to achieve. A...
  • N.C. Gen. Stat. § 36C-4-405.   Charitable purposes
    (a) A charitable trust may be created for the relief of poverty, the advancement of education or religion, the promotion of health, scientific, benevolent,...
  • N.C. Gen. Stat. § 36C-4-405.1.   Enforcement of charitable gift or trust
    (a) The settlor of a charitable trust, the Attorney General, the district attorney, a beneficiary, or any other interested party may maintain a proceeding...
  • N.C. Gen. Stat. § 36C-4-405.2.   Spending rules applicable to charitable trusts
    Subject to the intent of a settlor specifically expressed in a trust instrument, including a document making a gift to a charitable trust after...
  • N.C. Gen. Stat. § 36C-4-406.   Creation of trust induced by fraud, duress, or undue influence
    A trust is voidable to the extent that its creation was induced by fraud, duress, or undue influence. (2005-192, s. 2.)
  • N.C. Gen. Stat. § 36C-4-407.   Evidence of oral trust
    Except as required by a State statute other than this Chapter, a trust need not be evidenced by a trust instrument, but the creation...
  • N.C. Gen. Stat. § 36C-4-408.   Trust for care of animal
    (a) Subject to this section, a trust for the care of one or more designated domestic or pet animals alive at the time of...
  • N.C. Gen. Stat. § 36C-4-409.   Noncharitable trust without ascertainable beneficiary
    Except as otherwise provided in G.S. 36C-4-408 or by another statute, the following rules apply: (1) A trust may be created for a noncharitable...
  • N.C. Gen. Stat. § 36C-4-410.   Modification or termination of trust; proceedings for approval or disapproval
    (a) In addition to the methods of termination prescribed by G.S. 36C-4-411 through G.S. 36C-4-414, a trust terminates to the extent that the trust...
  • N.C. Gen. Stat. § 36C-4-411.   Modification or termination of noncharitable irrevocable trust by consent
    (a) If the settlor and all beneficiaries of a noncharitable irrevocable trust consent, they may compel the modification or termination of the trust without...
  • N.C. Gen. Stat. § 36C-4-412.   Modification or termination because of unanticipated circumstances or inability to administer trust effectively
    (a) The court may modify the administrative or dispositive terms of a trust or terminate the trust if, because of circumstances not anticipated by...
  • N.C. Gen. Stat. § 36C-4-413.   Cy pres
    (a) Except as otherwise provided in subsections (c1) and (d) of this section, if a charitable trust becomes unlawful, impracticable, impossible to achieve, or...
  • N.C. Gen. Stat. § 36C-4-414.   Modification or termination of uneconomic trust
    (a) After notice to the qualified beneficiaries, the trustee of a trust consisting of trust property having a total value of less than fifty...
  • N.C. Gen. Stat. § 36C-4-415.   Reformation to correct mistakes
    The court may reform the terms of a trust, even if unambiguous, to conform the terms to the settlor's intention if it is proved...
  • N.C. Gen. Stat. § 36C-4-416.   Modification to achieve settlor's tax objectives
    To achieve a settlor's tax objectives, the court may modify the terms of a trust in a manner that is not contrary to the...
  • N.C. Gen. Stat. § 36C-4-417.   Combination and division of trusts
    (a) Unless otherwise provided in the trust instrument, a trustee may do any of the following: (1) Consolidate the assets of more than one...
  • N.C. Gen. Stat. § 36C-4-418.   Distribution upon termination of trust
    Upon termination of a trust under G.S. 36C-4-411(a), the trustee shall distribute the trust property as agreed by the beneficiaries. Upon termination of a...
  • N.C. Gen. Stat. § 36C-4-419.   Effect of inalienable interest on modification or termination
    The court, in exercising its discretion to modify or terminate an irrevocable trust under G.S. 36C-4-411, 36C-4-412, or 36C-4-414 shall consider provisions making the...

Article 4A - Tax Status of Charitable Trusts.

  • N.C. Gen. Stat. § 36C-4A-1.   Prohibited transactions
    (a) Notwithstanding any provisions in the laws of this State or in the governing instrument to the contrary unless otherwise decreed by a court...
  • N.C. Gen. Stat. § 36C-4A-2.   Reformation of charitable remainder trust
    If a federal estate tax deduction is not allowable at the time of a decedent's death because of the failure of an interest in...

Article 4B - Charitable Remainder Trust Administration Act.

  • N.C. Gen. Stat. § 36C-4B-1.   Short title
    This Article shall be known as the Charitable Remainder Administration Trust Act. (1981 (Reg. Sess., 1982), c. 1252, s. 1; 2005-192, s. 2.)
  • N.C. Gen. Stat. § 36C-4B-2.   General rule
    Notwithstanding any provisions in the laws of this State or in the governing instruments to the contrary, any charitable remainder annuity trust and any...
  • N.C. Gen. Stat. § 36C-4B-3.   Definitions
    The following definitions apply to this Article unless the context clearly requires otherwise: (1) "Charitable remainder trust" means a trust that provides for a...
  • N.C. Gen. Stat. § 36C-4B-4.   Administrative provisions applicable to both charitable remainder annuity trusts and charitable remainder unitrusts
    (a) Creation of Remainder Interests in Charity. - Upon the termination of the noncharitable interests, the trustee shall distribute all of the then principal...
  • N.C. Gen. Stat. § 36C-4B-5.   Administrative provisions applicable to charitable remainder trusts only
    (a) Creation of Annuity Amount for Period of Years or Life. - In each taxable year of the trust, the trustee shall pay the...
  • N.C. Gen. Stat. § 36C-4B-6.   Administrative provisions applicable to charitable remainder unitrusts only
    (a) Creation of Unitrust Amount for a Period of Years or Life. - The trustee shall pay to the beneficiaries named in the trust...
  • N.C. Gen. Stat. § 36C-4B-7.   Interpretation
    This Article shall be interpreted and construed to effectuate its general purpose to cause all charitable remainder annuity trusts and all charitable remainder unitrusts...

Article 5 - Creditors' Claims; Spendthrift and Discretionary Trusts.

  • N.C. Gen. Stat. § 36C-5-501.   Rights of beneficiary's creditor or assignee
    (a) Except as provided in subsection (b) of this section, the court may authorize a creditor or assignee of the beneficiary to reach the...
  • N.C. Gen. Stat. § 36C-5-502.   Spendthrift provision
    (a) A spendthrift provision is valid only if it restrains both voluntary and involuntary transfer of a beneficiary's interest. (b) A term of a...
  • N.C. Gen. Stat. § 36C-5-503.   Exceptions to spendthrift provision
    (a) As used in this section, the term "child" includes any person for whom an order or judgment for child support has been entered...
  • N.C. Gen. Stat. § 36C-5-504.   Discretionary trusts; effect of standard
    (a) In this section: (1) "Child" includes any person for whom an order or judgment for child support has been entered in this or...
  • N.C. Gen. Stat. § 36C-5-505.   Creditor's claim against settlor
    (a) Subject to the other applicable law, whether or not the terms of a trust contain a spendthrift provision or the interest in the...
  • N.C. Gen. Stat. § 36C-5-506.   Overdue distribution
    (a) In this section, "mandatory distribution" means a distribution of income or principal that the trustee is required to make to a beneficiary under...
  • N.C. Gen. Stat. § 36C-5-507.   Personal obligations of trustee
    Trust property is not subject to personal obligations of the trustee, even if the trustee becomes insolvent or bankrupt. (2005-192, s. 2.)
  • N.C. Gen. Stat. § 36C-5-508.   Protective trusts
    Except with respect to an interest retained by the settlor, a "protective trust interest" means an interest in a trust in which the terms...

Article 6 - Revocable Trusts.

  • N.C. Gen. Stat. § 36C-6-601.   Capacity of settlor of revocable trust
    The capacity required to create, amend, revoke, or add property to a revocable trust, or to direct the actions of the trustee of a...
  • N.C. Gen. Stat. § 36C-6-602.   Revocation or amendment of revocable trust
    (a) Unless the terms of a trust expressly provide that the trust is irrevocable, the settlor may revoke or amend the trust without regard...
  • N.C. Gen. Stat. § 36C-6-602.1.   Exercise of settlor's powers with respect to revocable trust by agent or guardian
    (a) An agent acting under a power of attorney may exercise any of the following powers of the settlor with respect to a revocable...
  • N.C. Gen. Stat. § 36C-6-603.   Settlor's control of revocable trust
    (a) While a trust is revocable, rights of the beneficiaries are subject to the control of, and the duties of the trustee are owed...
  • N.C. Gen. Stat. § 36C-6-604.   Limitation on action contesting validity of revocable trust; distribution of trust property
    (a) A person may commence a judicial proceeding to contest the validity of a trust that was revocable at the settlor's death within the...
  • N.C. Gen. Stat. § 36C-6-605.   Failure of disposition of property of a trust by lapse or otherwise
    (a) If a beneficiary under a revocable trust predeceases the execution of the trust or the settlor or is treated as having predeceased the...
  • N.C. Gen. Stat. § 36C-6-606.   Revocation of provisions in revocable trust by divorce or annulment; revival
    Dissolution of the settlor's marriage by absolute divorce or annulment after executing a revocable trust revokes all provisions in the trust in favor of...
  • N.C. Gen. Stat. § 36C-6-607.   Modification or termination of a revocable trust
    (a) A revocable trust may be modified or terminated by the court pursuant to any of the methods for modification or termination of an...

Article 7 - Office of Trustee.

  • N.C. Gen. Stat. § 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...
  • N.C. Gen. Stat. § 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,...
  • N.C. Gen. Stat. § 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...
  • N.C. Gen. Stat. § 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...
  • N.C. Gen. Stat. § 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...
  • N.C. Gen. Stat. § 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,...
  • N.C. Gen. Stat. § 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...
  • N.C. Gen. Stat. § 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...
  • N.C. Gen. Stat. § 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...

Article 8 - Duties and Powers of Trustee.

  • N.C. Gen. Stat. § 36C-8-801.   Duty to administer trust
    Upon acceptance of a trusteeship, a trustee shall administer the trust in good faith, in accordance with its terms and purposes and the interests...
  • N.C. Gen. Stat. § 36C-8-802.   Duty of loyalty
    (a) A trustee shall administer the trust solely in the interests of the beneficiaries. (b) Subject to the rights of persons dealing with or...
  • N.C. Gen. Stat. § 36C-8-803.   Impartiality
    If a trust has two or more beneficiaries, the trustee shall act impartially in investing, managing, and distributing the trust property, giving due regard...
  • N.C. Gen. Stat. § 36C-8-804.   Prudent administration
    A trustee shall administer the trust as a prudent person would, by considering the purposes, terms, distributional requirements, and other circumstances of the trust....
  • N.C. Gen. Stat. § 36C-8-805.   Cost of administration
    In administering a trust, the trustee may incur only costs that are reasonable in relation to the trust property, the purposes of the trust,...
  • N.C. Gen. Stat. § 36C-8-806.   Trustee's skills
    A trustee who has special skills or expertise, or is named trustee in reliance upon the trustee's representation that the trustee has special skills...
  • N.C. Gen. Stat. § 36C-8-807.   Delegation by trustee
    (a) A trustee may delegate duties and powers that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustee shall...
  • N.C. Gen. Stat. § 36C-8-808.   Powers of a settlor to take certain actions with respect to the trust
    While a trust is revocable, the settlor of a revocable trust has, at all times, the power to direct or consent to the actions...
  • N.C. Gen. Stat. § 36C-8-809.   Control and protection of trust property
    A trustee shall take reasonable steps to take control of and protect the trust property. (2005-192, s. 2.)
  • N.C. Gen. Stat. § 36C-8-810.   Record keeping and identification of trust property
    (a) A trustee shall keep adequate records of the administration of the trust. (b) A trustee shall keep trust property separate from the trustee's...
  • N.C. Gen. Stat. § 36C-8-811.   Enforcement and defense of claims
    A trustee shall take reasonable steps to enforce claims of the trust and to defend claims against the trust. (2005-192, s. 2.)
  • N.C. Gen. Stat. § 36C-8-812.   Collecting trust property
    A trustee shall take reasonable steps to compel a former trustee or other person to deliver trust property to the trustee and to redress...
  • N.C. Gen. Stat. § 36C-8-813.   Duty to inform and report
    (a) The trustee is under a duty to do all of the following: (1) Provide reasonably complete and accurate information as to the nature...
  • N.C. Gen. Stat. § 36C-8-814.   Discretionary powers; tax savings
    (a) Notwithstanding the breadth of discretion granted to a trustee in the terms of the trust, including the use of terms such as "absolute",...
  • N.C. Gen. Stat. § 36C-8-815.   General powers of trustee
    (a) A trustee, without authorization by the court, may exercise any of the following: (1) Powers conferred by the terms of the trust. (2)...
  • N.C. Gen. Stat. § 36C-8-816.   Specific powers of trustee
    Without limiting the authority conferred by G.S. 36C-8-815, a trustee may: (1) Collect and control trust property and accept or reject additions to the...
  • N.C. Gen. Stat. § 36C-8-816.1.   Trustee's special power to appoint to a second trust
    (a) For purposes of this section, the following definitions apply: (1) Current beneficiary. - A person who is a permissible distributee of trust income...
  • N.C. Gen. Stat. § 36C-8-817.   Distribution upon termination
    Upon the occurrence of an event terminating or partially terminating a trust, the trustee shall proceed expeditiously to distribute the trust property to the...
  • N.C. Gen. Stat. § 36C-8-818.   Notice of deceased Medicaid beneficiaries
    If a trust was established by a person who at the time of that person's death was receiving medical assistance, as defined in G.S....

Article 8A - Powers, Duties, and Liability of a Power Holder Other Than a Trustee; Duty and Liability of a Trustee With Respect to Power Holder's Actions.

  • N.C. Gen. Stat. § 36C-8A-1.   Definition
    For purposes of this Article, the term "power holder" means a person who under the terms of a trust has the power to take...
  • N.C. Gen. Stat. § 36C-8A-2.   Powers of a power holder
    (a) The terms of a trust may confer upon a power holder a power to direct or consent to a duty that would normally...
  • N.C. Gen. Stat. § 36C-8A-3.   Duty and liability of power holder
    (a) A power holder is a fiduciary with respect to the powers conferred upon the power holder who, as such, is required to act...
  • N.C. Gen. Stat. § 36C-8A-4.   Duty and liability of trustee
    (a) If the terms of a trust confer upon a power holder the power to direct certain actions of the trustee, the trustee must...
  • N.C. Gen. Stat. § 36C-8A-5.   Compensation and reimbursement of expenses of power holder
    A power holder as a fiduciary is entitled to compensation and reimbursement of expenses as provided in G.S. 32-59. (2012-18, s. 3.4.)
  • N.C. Gen. Stat. § 36C-8A-6.   Jurisdiction over power holder
    (a) By accepting appointment to serve as a power holder with respect to a trust having its principal place of business in this State,...
  • N.C. Gen. Stat. § 36C-8A-7.   Accepting or declining the appointment as power holder
    (a) A person designated as a power holder accepts the appointment to serve as a power holder: (1) By substantially complying with a method...
  • N.C. Gen. Stat. § 36C-8A-8.   Powers of trustee in the absence of a power holder
    The trustee shall be vested with any fiduciary power or duty conferred upon a power holder by the terms of a trust that are...
  • N.C. Gen. Stat. § 36C-8A-9.   More than one power holder
    When there is more than one power holder authorized to act, and they are unable to reach a unanimous decision, they may act by...
  • N.C. Gen. Stat. § 36C-8A-10.   Resignation of power holder
    (a) A power holder may resign upon either of the following conditions: (1) Upon at least 30 days' notice in writing to the qualified...
  • N.C. Gen. Stat. § 36C-8A-11.   Removal of power holder
    (a) For the reasons set forth in subsection (b) of this section, the settlor of an irrevocable trust, a trustee of an irrevocable trust,...

Article 9 - Uniform Prudent Investor Act.

  • N.C. Gen. Stat. § 36C-9-901.   Prudent investor rule; applicability
    (a) Except as otherwise provided in subsection (b) of this section, a trustee who invests and manages trust assets owes a duty to the...
  • N.C. Gen. Stat. § 36C-9-902.   Standard of care; portfolio strategy; risk and return objectives
    (a) A trustee shall invest and manage trust assets as a prudent investor would, by considering the purposes, terms, distribution requirements, and other circumstances...
  • N.C. Gen. Stat. § 36C-9-903.   Diversification
    A trustee shall diversify the investments of the trust unless the trustee reasonably determines that, because of special circumstances, the purposes of the trust...
  • N.C. Gen. Stat. § 36C-9-903.1.   Duties as to life insurance
    (a) Notwithstanding the provisions of this Article, the duties of a trustee with respect to acquiring or retaining a contract of insurance upon the...
  • N.C. Gen. Stat. § 36C-9-904.   Duties at inception of trusteeship
    Within a reasonable time after accepting a trusteeship or receiving trust assets, a trustee shall review the trust assets and make and implement decisions...
  • N.C. Gen. Stat. § 36C-9-905.   Reviewing compliance
    Compliance with the prudent investor rule is determined in light of the facts and circumstances existing at the time of a trustee's decision or...
  • N.C. Gen. Stat. § 36C-9-906.   Effect on charitable remainder trusts
    Nothing in this Article shall prevent the application of Article 4B of this Chapter to a "charitable remainder trust" as defined in G.S. 36C-4B-3(1)....
  • N.C. Gen. Stat. § 36C-9-907.   Short title
    This Article may be cited as the "North Carolina Uniform Prudent Investor Act." (1999-215, s. 1; 2005-192, s. 2.)

Article 10 - Liability of Trustees and Rights of Persons Dealing with Trustees.

  • N.C. Gen. Stat. § 36C-10-1001.   Remedies for breach of trust
    (a) A violation by a trustee of a duty the trustee owes under a trust is a breach of trust. (b) To remedy a...
  • N.C. Gen. Stat. § 36C-10-1002.   Damages for breach of trust
    (a) A trustee who commits a breach of trust is liable for the greater of: (1) The amount required to restore the value of...
  • N.C. Gen. Stat. § 36C-10-1003.   Liability in absence of breach
    (a) A trustee is accountable for any profit made by the trustee arising from the administration of the trust, even absent a breach of...
  • N.C. Gen. Stat. § 36C-10-1004.   Attorneys' fees and costs
    In a judicial proceeding involving the administration of a trust, the court may award costs and expenses, including reasonable attorneys' fees, as provided in...
  • N.C. Gen. Stat. § 36C-10-1005.   Limitation of action against trustee
    (a) No proceeding against a trustee for breach of trust may be commenced more than five years after the first to occur of: (i)...
  • N.C. Gen. Stat. § 36C-10-1006.   Reliance on trust instrument
    A trustee who acts in reasonable reliance on the terms of the trust as expressed in a trust instrument is not liable for a...
  • N.C. Gen. Stat. § 36C-10-1007.   Event affecting administration or distribution
    If the happening of an event, including marriage, divorce, performance of educational requirements, or death, affects the administration or distribution of a trust, a...
  • N.C. Gen. Stat. § 36C-10-1008.   Exculpation of trustee
    A term of a trust relieving a trustee of liability for breach of trust is unenforceable to the extent that it relieves the trustee...
  • N.C. Gen. Stat. § 36C-10-1009.   Beneficiary's consent, release, or ratification
    (a) A trustee is not liable to a beneficiary for breach of trust if the beneficiary consented to the conduct constituting the breach, released...
  • N.C. Gen. Stat. § 36C-10-1010.   Limitation on personal liability of trustee
    (a) Except as otherwise provided in the contract, a trustee is not personally liable on a contract properly entered into in the trustee's fiduciary...
  • N.C. Gen. Stat. § 36C-10-1011.   Interest as general partner
    (a) Except as otherwise provided in subsection (c) of this section or unless personal liability is imposed in the contract, a trustee who holds,...
  • N.C. Gen. Stat. § 36C-10-1012.   Protection of person dealing with trustee
    (a) A person other than a beneficiary who in good faith assists a trustee, or who in good faith and for value deals with...
  • N.C. Gen. Stat. § 36C-10-1013.   Certification of trust
    (a) Instead of furnishing a copy of the trust instrument to a person other than a beneficiary, the trustee may furnish to the person...

Article 11 - Miscellaneous Provisions.

  • N.C. Gen. Stat. § 36C-11-1101.   Uniformity of application and construction
    In applying and construing this Chapter, consideration may be given to the need to promote uniformity of the law with respect to its subject...
  • N.C. Gen. Stat. § 36C-11-1102.   Electronic records and signatures
    The provisions of this Chapter governing the legal effect, validity, or enforceability of electronic records or electronic signatures, and of contracts formed or performed...
  • N.C. Gen. Stat. § 36C-11-1103.   Severability clause
    If any provision of this Chapter or its application to any person or circumstances is held invalid, the invalidity does not affect other provisions...
  • N.C. Gen. Stat. § 36C-11-1104.   Trustee signatures
    The signature of a trustee of a trust who signs a document for or on behalf of the trust shall be deemed to be...
  • N.C. Gen. Stat. § 36C-11-1105.   Reserved for future codification purposes
  • N.C. Gen. Stat. § 36C-11-1106.   Application to existing relationships
    (a) Except as otherwise provided in this Chapter, this Chapter applies to (i) all trusts created before, on, or after January 1, 2006; (ii)...

Speak with a Lawyer in North Carolina

Last modified: March 23, 2014