N.C. Gen. Stat. § 32C-2-206
Stocks and bonds
Redline — June 1, 2021 → current.View current text →
Current — April 1, 2022
As of June 1, 2021
Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to stocks and bonds authorizes the agent to do all of the following:
Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to stocks and bonds authorizes the agent to do all of the following:
(1) Buy, sell, and exchange stocks and bonds.
(1) Buy, sell, and exchange stocks and bonds.
(2) Establish, continue, modify, or terminate an account with respect to stocks and bonds.
(2) Establish, continue, modify, or terminate an account with respect to stocks and bonds.
(3) Pledge stocks and bonds as security for the principal or any entity in which the principal has an ownership interest to borrow money, or to pay, renew, or extend the time of payment of (i) a debt of the principal, (ii) a debt guaranteed by the principal, (iii) a debt of any entity in which the principal has an ownership interest, or (iv) a debt guaranteed by any entity in which the principal has an ownership interest.
(3) Pledge stocks and bonds as security for the principal or any entity in which the principal has an ownership interest to borrow money, or to pay, renew, or extend the time of payment of (i) a debt of the principal, (ii) a debt guaranteed by the principal, (iii) a debt of any entity in which the principal has an ownership interest, or (iv) a debt guaranteed by any entity in which the principal has an ownership interest.
(4) Receive certificates and other evidences of ownership with respect to stocks and bonds.
(4) Receive certificates and other evidences of ownership with respect to stocks and bonds.
(5) Exercise voting rights with respect to stocks and bonds in person or by proxy, enter into voting trusts, and consent to limitations on the right to vote.
(5) Exercise voting rights with respect to stocks and bonds in person or by proxy, enter into voting trusts, and consent to limitations on the right to vote.
History
(2017-153, s. 1.)
NORTH CAROLINA COMMENT
This section is somewhat similar to the powers concerning stocks and bonds defined in former G.S. 32A-2(3) that could be incorporated in the Statutory Short Form Power of Attorney pursuant to former G.S. 32A-1.
Subdivision (3) modified Section 206 of the Uniform Power of Attorney Act by extending the power to pledge stocks and bonds as security "for the principal or any entity in which the principal has an ownership interest" and adds concerning payment of a debt the following: "(ii) a debt guaranteed by the principal, (iii) a debt of any entity in which the principal has an ownership interest, or (iv) a debt guaranteed by any entity in which the principal has an ownership interest".
Official source: North Carolina General Assembly. Reproduced from public-domain North Carolina statutes; confirm against the official source for the current text. Not legal advice.