N.C. Gen. Stat. § 36C-8B-18
Removal or replacement of authorized fiduciary
Redline — June 1, 2021 → current.View current text →
Current — April 1, 2022
As of June 1, 2021
An authorized fiduciary may not exercise the decanting power to modify a provision in a first trust granting another person power to remove or replace the fiduciary unless one or more of the following occur:
An authorized fiduciary may not exercise the decanting power to modify a provision in a first trust granting another person power to remove or replace the fiduciary unless one or more of the following occur:
(1) The person holding the power consents to the modification in a signed written instrument and the modification applies only to the person holding the power.
(1) The person holding the power consents to the modification in a signed written instrument and the modification applies only to the person holding the power.
(2) The person holding the power and the qualified beneficiaries of the second trust consent to the modification in a signed written instrument and the modification grants a substantially similar power to another person.
(2) The person holding the power and the qualified beneficiaries of the second trust consent to the modification in a signed written instrument and the modification grants a substantially similar power to another person.
(3) A court approves the modification and the modification grants a substantially similar power to another person.
(3) A court approves the modification and the modification grants a substantially similar power to another person.
History
(2017-121, s. 1.)
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.