North Carolina General Statutes Chapter 32 Fiduciaries

Article 1 - Uniform Fiduciaries Act.

N.C. Gen. Stat. § 32-1. Short title
This Article may be cited as the Uniform Fiduciaries Act. (1923, c. 85, s. 14; C.S., s. 1864(d); 1965, c. 628, s. 2.)
N.C. Gen. Stat. § 32-2. Definition of terms
(a) In this Article unless the context or subject matter otherwise requires: "Bank" includes any person or association of persons, whether incorporated or not,...
N.C. Gen. Stat. § 32-3. Application of payments made to fiduciaries
A person who in good faith pays or transfers to a fiduciary any money or other property, which the fiduciary as such is authorized...
N.C. Gen. Stat. § 32-4. Repealed by Session Laws 1977, c. 814, s. 8, effective January 1, 1978
N.C. Gen. Stat. § 32-5. Transfer of negotiable instrument by fiduciary
If any negotiable instrument payable or indorsed to a fiduciary as such is indorsed by a fiduciary, or if any negotiable instrument payable or...
N.C. Gen. Stat. § 32-6. Check drawn by fiduciary payable to third person
If a check or other bill of exchange is drawn by a fiduciary as such, or in the name of his principal by a...
N.C. Gen. Stat. § 32-7. Check drawn by and payable to fiduciary
If a check or other bill of exchange is drawn by a fiduciary as such or in the name of his principal by a...
N.C. Gen. Stat. § 32-8. Deposit in name of fiduciary as such
If a deposit is made in a bank to the credit of a fiduciary as such, the bank is authorized to pay the amount...
N.C. Gen. Stat. § 32-9. Deposit in name of principal
If a check is drawn upon the account of his principal in a bank by a fiduciary who is empowered to draw checks upon...
N.C. Gen. Stat. § 32-10. Deposit in fiduciary's personal account
If a fiduciary makes a deposit in a bank to his personal credit of checks drawn by him upon an account in his own...
N.C. Gen. Stat. § 32-11. Deposit in names of two or more trustees
When a deposit is made in a bank in the name of two or more persons as trustees and a check is drawn upon...
N.C. Gen. Stat. § 32-12. Cases not provided for in Article
In any case not provided for in this Article the rules of law and equity, including the law merchant and those rules of law...
N.C. Gen. Stat. § 32-13. Uniformity of interpretation
This Article shall be so interpreted and construed as to effectuate its general purpose to make uniform the law of those states which enact...

Article 2 - Security Transfers.

N.C. Gen. Stat. § 32-14 through 32-24. Repealed by Session Laws 1997-181, s. 23

Article 3 - Powers of Fiduciaries.

N.C. Gen. Stat. § 32-25. Definition
As used in this Article, the term "fiduciary" means the one or more executors of the estate of a decedent, or the one or...
N.C. Gen. Stat. § 32-26. Incorporation by reference of powers enumerated in � 32-27; restriction on exercise of such powers
(a) By an express intention of the testator or settlor so to do contained in a will, or in an instrument in writing whereby...
N.C. Gen. Stat. § 32-28. Repealed by Session Laws 2005-192, s. 4, effective January 1, 2006
N.C. Gen. Stat. § 32-29 through 32-33. Reserved for future codification purposes

Article 4 - Restrictions on Exercise of Power for Fiduciary's Benefit.

N.C. Gen. Stat. § 32-34. Repealed by Session Laws 2005-192, s. 4, effective January 1, 2006
N.C. Gen. Stat. § 32-35 through 32-49. Reserved for future codification purposes

Article 5 - Compensation.

N.C. Gen. Stat. § 32-50 through 32-52. Repealed by Session Laws 2004-139, s. 1, effective January 1, 2005, and applicable to payments made to a fiduciary on or after that date

Article 6 - Compensation of Trustees and Other Fiduciaries.

N.C. Gen. Stat. § 32-53. Definitions
The following definitions apply in this Article: (1) Legal disability. - A person under a legal disability is a person who is a minor,...
N.C. Gen. Stat. § 32-54. Compensation of trustees
(a) If the terms of the trust do not specify the trustee's compensation, the trustee is entitled to receive from the assets of the...
N.C. Gen. Stat. § 32-55. Notice
(a) If the terms of the trust do not specify the trustee's compensation, the trustee may, in the trustee's discretion, give written notice to...
N.C. Gen. Stat. § 32-56. Payment of compensation without court order
The trustee is authorized to pay the compensation provided for in G.S. 32-54 without prior approval of the clerk of superior court only if:...
N.C. Gen. Stat. § 32-57. Judicial review; payment of compensation and other payments with court order
(a) If the terms of the trust do not specify the trustee's compensation, the trustee or any qualified beneficiary, or representative of a qualified...
N.C. Gen. Stat. § 32-58. Reimbursement for expenses incurred
In addition to the compensation referred to in G.S. 32-54, the trustee shall be entitled to reimbursement out of the assets of the trust...
N.C. Gen. Stat. § 32-59. Compensation of other fiduciaries
Unless otherwise provided by the General Statutes or by the instrument creating the fiduciary relationship, fiduciaries other than trustees under a trust shall be...
N.C. Gen. Stat. § 32-60. Effect of provisions in instrument
In those instances where the instrument creating the trust or other fiduciary relationship provides that the compensation of the fiduciary shall be the amount...
N.C. Gen. Stat. § 32-61. Counsel fees allowable to attorneys serving as fiduciaries
The clerk of superior court may exercise discretion to allow counsel fees to an attorney serving as a fiduciary or trustee (in addition to...
N.C. Gen. Stat. § 32-62. Applicability
Regardless of when the trust or fiduciary relationship is created, the provisions of this Article shall apply to all payments made to a fiduciary...
N.C. Gen. Stat. § 32-63. Reserved for future codification purposes
N.C. Gen. Stat. § 32-64. Reserved for future codification purposes
N.C. Gen. Stat. § 32-65. Reserved for future codification purposes
N.C. Gen. Stat. § 32-66. Reserved for future codification purposes
N.C. Gen. Stat. § 32-67. Reserved for future codification purposes
N.C. Gen. Stat. § 32-68. Reserved for future codification purposes
N.C. Gen. Stat. § 32-69 . Reserved for future codification purposes

Article 7 - Investment and Deposit of Trust Funds.

N.C. Gen. Stat. § 32-70. Definition
(a) For the purpose of this Article, the word "fiduciary" shall be construed to include a guardian, personal representative, collector, trustee, or any other...
N.C. Gen. Stat. § 32-71. Investment; prudent person rule
(a) In acquiring, investing, reinvesting, exchanging, retaining, selling, and managing property for the benefit of another, a fiduciary shall observe the standard of judgment...
N.C. Gen. Stat. § 32-72. Terms of creating instrument
(a) Nothing contained in this Article shall be construed as authorizing any departure from the express terms or limitations set forth in any will,...
N.C. Gen. Stat. § 32-73. Power of court not restricted
Nothing contained in this Article shall be construed as restricting the power of a court of proper jurisdiction to permit a fiduciary to deviate...
N.C. Gen. Stat. § 32-74. Applicability of provisions
This Article shall govern fiduciaries acting under wills, agreements, court orders, and other instruments now existing or hereafter made. (1977, c. 502, s. 2;...
N.C. Gen. Stat. § 32-75. Employee trusts
Pension, profit sharing, stock bonus, annuity, or other employee trusts established for the purpose of distributing the income and principal thereof to some or...
N.C. Gen. Stat. § 32-76. Applicability
The provisions of this Article shall apply to fiduciary relationships in existence on January 1, 1978, or thereafter established. (1977, c. 502, s. 2;...

Last modified: March 23, 2014