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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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Article8A. Powers, Duties, and Liability of a Power Holder Other Than a Trustee; Duty and Liability of a Trustee With Respect to Power Holder's Actions |
§36C-8A-7. Accepting or declining the appointment as power holder
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(a) A person designated as a power holder accepts the appointment to serve as a power holder:
(1) By substantially complying with a method of acceptance provided in the terms of a trust; or
(2) If the terms of a trust do not provide a method or the method provided in the terms of a trust is not expressly made exclusive, by exercising powers or performing duties as a power holder or otherwise indicating acceptance of the appointment to serve as a power holder.
(b) A person designated as a power holder may reject the appointment to serve as a power holder. A trustee may give written notice to a power holder requesting acceptance of the appointment as power holder. A power holder who does not accept such appointment within 120 days after receipt of such notice is considered to have rejected the appointment to serve as a power holder.