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Laws of North Carolina (Last Updated: May 12, 2015) |
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Chapter36C. North Carolina Uniform Trust Code. |
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Article1. General Provisions and Definitions |
§36C-1-105. Default and mandatory rules
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(a) Except as otherwise provided in the terms of the trust, this Chapter governs the duties and powers of a trustee, relations among trustees, and the rights and interests of a beneficiary.
(b) The terms of a trust prevail over any provision of this Chapter except:
(1) The requirements for creating a trust.
(2) The duty of a trustee to act in good faith and in accordance with the terms and purposes of the trust and the interests of the beneficiaries.
(3) The requirement that a trust and its terms be for the benefit of its beneficiaries, and that the trust have a purpose that is lawful, not contrary to public policy, and possible to achieve.
(4) The power of the court to modify or terminate a trust under G.S. 36C-4-410 through G.S. 36C-4-416.
(5) The effect of a spendthrift provision and the rights of certain creditors and assignees to reach a trust as provided in Article 5 of this Chapter.
(6) The effect of an exculpatory term under G.S. 36C-10-1008.
(7) The rights under G.S. 36C-10-1010 through G.S. 36C-10-1013 of a person other than a trustee or beneficiary.
(8) Periods of limitation for commencing a judicial proceeding.
(9) The power of the court to take any action and exercise any jurisdiction as may be necessary in the interests of justice.
(10) The subject-matter jurisdiction of the court and venue for commencing a proceeding as provided in G.S. 36C-2-203 and G.S. 36C-2-204.
(11) The requirement that the exercise of the powers described in G.S. 36C-6-602.1(a) shall not alter the designation of beneficiaries to receive property on the settlor's death under that settlor's existing estate plan.
(12) The power of a trustee to renounce an interest in or power over property under G.S. 36C-8-816(32).