N.C. Gen. Stat. § 36C-4-419
Effect of inalienable interest on modification or termination
Redline — June 1, 2021 → current.View current text →
Current — April 1, 2022
As of June 1, 2021
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 interest of a beneficiary inalienable, including those described in Article 5, but the court is not precluded from the exercise of that discretion solely because of such provisions.
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 interest of a beneficiary inalienable, including those described in Article 5, but the court is not precluded from the exercise of that discretion solely because of such provisions.
History
(2005-192, s. 2; 2006-259, s. 13(i).)
NORTH CAROLINA COMMENT
This section, not a part of the Uniform Trust Code, was added to bring forward with minor modifications the provisions of former G.S. 36A-125.8 regarding the effect of an inalienable interest on the modification or termination of an irrevocable trust. The section replaces Section 411(c) of the Uniform Trust Code providing that a spendthrift provision is not presumed to constitute a material purpose with respect to the modification or termination of a trust by consent of the beneficiaries.
Effect of Amendments. - Session Laws 2006-259, s. 13(i), effective October 1, 2006, substituted "36C-4-414" for "36C-4-413." See Editor's note for applicability.
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.