(a) The terms of the governing instrument of an express total return unitrust may provide the method similar to the method provided under G.S. 37A-1-104.2(a) for changing the unitrust percentage or for converting from a unitrust to an income trust or for a reconversion of an income trust to a unitrust, or for all of these actions.
(b) If the terms of the governing instrument of an express total return unitrust do not specifically or by reference to G.S. 37A-1-104.2 grant a power to the trustee to change the unitrust percentage or change to an income trust, the trustee shall not have that power. (2005-244, s. 6.)
Sections: Previous 37A-1-104.5 37A-1-104.6 37A-1-104.8 37A-1-104.9 37A-1-104.21 37A-1-104.22 37A-1-104.23 37A-1-104.24 37A-1-104.25 37A-1-104.26 37A-1-105 37A-2-201 37A-2-202 37A-3-301 37A-3-302 Next
Last modified: March 23, 2014