reglab/housing_qa huggingface dataset:
NC Gen Stat § 36C-8B-22 (2021)
2021 North Carolina General Statutes|Chapter 36C - North Carolina Uniform Trust Code|Article 8B - North Carolina Uniform Trust Decanting Act.|§ 36C-8B-22 - Saving provision.

 36C-8B-22. Saving provision.(a) If exercise of the decanting power would be effective under this Article except that the second trust in part does not comply with this Article, the exercise of the decanting power is effective and the following rules apply with respect to the principal of the second trust attributable to the exercise of the power:(1) A provision in the second trust which is not permitted under this Article is void to the extent necessary to comply with this Article.(2) A provision required by this Article to be in the second trust which is not contained in the second trust is deemed to be included in the second trust to the extent necessary to comply with this Article.(b) If a trustee of other fiduciary of a second trust determines that subsection (a) of this section applies to a prior exercise of the decanting power, the fiduciary shall take corrective action consistent with the fiduciary's duties.  (2017-121, s. 1.)
NC Gen Stat § 36C-8B-24 (2021)
2021 North Carolina General Statutes|Chapter 36C - North Carolina Uniform Trust Code|Article 8B - North Carolina Uniform Trust Decanting Act.|§ 36C-8B-24 - Terms of second trust.

 36C-8B-24. Terms of second trust.A reference in this Chapter to a trust instrument or terms of the trust includes a second trust and the terms of the second trust.  (2017-121, s. 1.)
NC Gen Stat § 36C-8B-25 (2021)
2021 North Carolina General Statutes|Chapter 36C - North Carolina Uniform Trust Code|Article 8B - North Carolina Uniform Trust Decanting Act.|§ 36C-8B-25 - Settlor.

 36C-8B-25. Settlor.(a) For the purposes of the laws of this State other than this Article and subject to subsection (b) of this section, a settlor of a first trust shall be deemed to be the settlor of the second trust with respect to the portion of the principal of the first trust subject to the exercise of the decanting power.(b) In determining settlor intent with respect to a second trust, the intent of a settlor of the first trust, a settlor of the second trust, and the authorized fiduciary may be considered.  (2017-121, s. 1.)
NC Gen Stat § 36C-8B-26 (2021)
2021 North Carolina General Statutes|Chapter 36C - North Carolina Uniform Trust Code|Article 8B - North Carolina Uniform Trust Decanting Act.|§ 36C-8B-26 - Later-discovered property.

 36C-8B-26. Later-discovered property.(a) Except as otherwise provided in subsection (c) of this section, if exercise of the decanting power was intended to distribute all the principal of the first trust to one or more second trusts, later-discovered property belonging to the first trust and property paid to or acquired by the first trust after the exercise of the power is part of the trust estate of the second trust or trusts.(b) Except as otherwise provided in subsection (c) of this section, if exercise of the decanting power was intended to distribute less than all the principal of the first trust to one or more second trusts, later-discovered property belonging to the first trust or property paid to or acquired by the first trust after exercise of the power remains part of the trust estate of the first trust.(c) An authorized fiduciary may provide in an exercise of the decanting power or by the terms of a second trust for disposition of later-discovered property belonging to the first trust or property paid to or acquired by the first trust after exercise of the power.  (2017-121, s. 1.)
NC Gen Stat § 36C-9-901 (2021)
2021 North Carolina General Statutes|Chapter 36C - North Carolina Uniform Trust Code|Article 9 - Uniform Prudent Investor Act.|§ 36C-9-901 - Prudent investor rule; applicability.

 36C-9-901. Prudent investor rule; applicability.(a) Except as otherwise provided in subsection (b) of this section, a trustee who invests and manages trust assets owes a duty to the beneficiaries of the trust to comply with the prudent investor rule set forth in this Article.(b) The prudent investor rule is a default rule and may be expanded, restricted, eliminated, or otherwise altered by the provisions of a trust that govern or direct investments in a manner inconsistent with this Article. A trustee is not liable to a beneficiary to the extent that the trustee acted in reasonable reliance on the terms of the trust.(c) The following terms or comparable language in a trust, unless otherwise limited or modified, authorize any investment or strategy permitted under this Article: "Chapter 36A", "investments in accordance with Article 15 of Chapter 36A", "investments in accordance with Article 9 of Chapter 36C", "investments permissible by law for investment of trust funds", "legal investments", "authorized investments", "using the judgment and care under the circumstances then prevailing that persons of prudence, discretion, and intelligence exercise in the management of their own affairs, not in regard to speculation but in regard to the permanent disposition of their funds, considering the probable income as well as the probable safety of their capital", "prudent man rule", "prudent trustee rule", "prudent person rule", and "prudent investor rule". This Article also applies where a trust contains no investment standard.(d) This Article does not apply to:(1) Unless the trust provides otherwise by specific reference to this Article:a. Trusts under any federal employee retirement income security statute or other retirement or pension trusts;b. Trusts that are created by legislative act;c. Trusts that are created by or under premarital or postmarital agreements, divorce settlements, settlements of other proceedings or disputes;d. Transfers under a Uniform Transfers to Minors Act;e. Transfers under a Uniform Custodial Trust Act; orf. Honorary trusts, trusts for pets, and trusts for cemetery lots.(2) Trusts imposed or required under another Chapter of the General Statutes or by rule in which the investment of the trust funds is regulated by the other Chapter or by rule, unless a provision of the other chapter or the rule provides otherwise by a specific reference to this Article. (1999-215, s. 1; 2001-267, s. 7; 2005-192, s. 2.)
NC Gen Stat § 36C-9-902 (2021)
2021 North Carolina General Statutes|Chapter 36C - North Carolina Uniform Trust Code|Article 9 - Uniform Prudent Investor Act.|§ 36C-9-902 - Standard of care; portfolio strategy; risk and return objectives.

 36C-9-902. Standard of care; portfolio strategy; risk and return objectives.(a) A trustee shall invest and manage trust assets as a prudent investor would, by considering the purposes, terms, distribution requirements, and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill, and caution.(b) A trustee's investment and management decisions respecting individual assets must be evaluated not in isolation but in the context of the trust portfolio as a whole and as a part of an overall investment strategy having risk and return objectives reasonably suited to the trust.(c) Among circumstances that a trustee shall consider in investing and managing trust assets are any of the following that are relevant to the trust or its beneficiaries:(1) General economic conditions;(2) The possible effect of inflation or deflation;(3) The expected tax consequences of investment decisions or strategies;(4) The role that each investment or course of action plays within the overall trust portfolio, which may include financial assets, interests in closely held enterprises, tangible and intangible personal property, and real property;(5) The expected total return from income and the appreciation of capital;(6) Other resources of the beneficiaries known to the trustee;(7) Needs for liquidity, regularity of income, and preservation or appreciation of capital; and(8) An asset's special relationship or special value, if any, to the purposes of the trust or to one or more of the beneficiaries.(d) A trustee shall make a reasonable effort to verify facts relevant to the investment and management of trust assets.(e) A trustee may invest in any kind of property or type of investment consistent with the standards of this Article. (1999-215, s. 1; 2005-192, s. 2.)
NC Gen Stat § 36C-9-903 (2021)
2021 North Carolina General Statutes|Chapter 36C - North Carolina Uniform Trust Code|Article 9 - Uniform Prudent Investor Act.|§ 36C-9-903 - Diversification.

 36C-9-903. Diversification.A trustee shall diversify the investments of the trust unless the trustee reasonably determines that, because of special circumstances, the purposes of the trust are better served without diversifying. (1999-215, s. 1; 2005-192, s. 2.)
NC Gen Stat § 36C-9-903.1 (2021)
2021 North Carolina General Statutes|Chapter 36C - North Carolina Uniform Trust Code|Article 9 - Uniform Prudent Investor Act.|§ 36C-9-903.1 - Duties as to life insurance.

 36C-9-903.1. Duties as to life insurance.(a) Notwithstanding the provisions of this Article, the duties of a trustee with respect to acquiring or retaining a contract of insurance upon the life of the settlor, or the lives of the settlor and the settlor's spouse, do not include a duty (i) to determine whether any such contract is or remains a proper investment; (ii) to exercise policy options, including investment options, available under any such contract; or (iii) to diversify any such contract. A trustee is not liable to the beneficiaries of the trust or to any party for any loss arising from the absence of those duties upon the trustee.(b) The trustee of a trust described under subsection (a) of this section established prior to October 1, 1995, shall notify the settlor in writing that, unless the settlor provides written notice to the contrary to the trustee within 60 days of the trustee's notice, the provisions of subsection (a) of this section shall apply to the trust. Subsection (a) of this section shall not apply if, within 60 days of the trustee's notice, the settlor notifies the trustee that subsection (a) of this section shall not apply. (2007-106, s. 37.1.)
NC Gen Stat § 36C-9-904 (2021)
2021 North Carolina General Statutes|Chapter 36C - North Carolina Uniform Trust Code|Article 9 - Uniform Prudent Investor Act.|§ 36C-9-904 - Duties at inception of trusteeship.

 36C-9-904. Duties at inception of trusteeship.Within a reasonable time after accepting a trusteeship or receiving trust assets, a trustee shall review the trust assets and make and implement decisions concerning the retention and disposition of assets in order to bring the trust portfolio into compliance with the purposes, terms, distribution requirements, and other circumstances of the trust, and with the requirements of this Chapter. (1999-215, s. 1; 2005-192, s. 2.)
NC Gen Stat § 36C-9-905 (2021)
2021 North Carolina General Statutes|Chapter 36C - North Carolina Uniform Trust Code|Article 9 - Uniform Prudent Investor Act.|§ 36C-9-905 - Reviewing compliance.

 36C-9-905. Reviewing compliance.Compliance with the prudent investor rule is determined in light of the facts and circumstances existing at the time of a trustee's decision or action and not by hindsight. (1999-215, s. 1; 2005-192, s. 2.)
NC Gen Stat § 36C-9-906 (2021)
2021 North Carolina General Statutes|Chapter 36C - North Carolina Uniform Trust Code|Article 9 - Uniform Prudent Investor Act.|§ 36C-9-906 - Effect on charitable remainder trusts.

 36C-9-906. Effect on charitable remainder trusts.Nothing in this Article shall prevent the application of Article 4B of this Chapter to a "charitable remainder trust" as defined in G.S. 36C-4B-3(1). (1999-215, s. 1; 2005-192, s. 2.)
NC Gen Stat § 36C-9-907 (2021)
2021 North Carolina General Statutes|Chapter 36C - North Carolina Uniform Trust Code|Article 9 - Uniform Prudent Investor Act.|§ 36C-9-907 - Short title.

 36C-9-907. Short title.This Article may be cited as the "North Carolina Uniform Prudent Investor Act." (1999-215, s. 1; 2005-192, s. 2.)
NC Gen Stat § 36C-10-1001 (2021)
2021 North Carolina General Statutes|Chapter 36C - North Carolina Uniform Trust Code|Article 10 - Liability of Trustees and Rights of Persons Dealing with Trustees.|§ 36C-10-1001 - Remedies for breach of trust.

 36C-10-1001. Remedies for breach of trust.(a) A violation by a trustee of a duty the trustee owes under a trust is a breach of trust.(b) To remedy a breach of trust that has occurred or may occur, the court may:(1) Compel the trustee to perform the trustee's duties;(2) Enjoin the trustee from committing a breach of trust;(3) Compel the trustee to redress a breach of trust by paying money, restoring property, or other means;(4) Order a trustee to account;(5) Appoint a special fiduciary to take possession of the trust property and administer the trust;(6) Suspend the trustee;(7) Remove the trustee as provided in G.S. 36C-7-706;(8) Reduce or deny compensation to the trustee;(9) Subject to G.S. 36C-10-1012, void an act of the trustee, impose a lien or a constructive trust on trust property, or trace trust property wrongfully disposed of and recover the property or its proceeds; or(10) Order any other appropriate relief.(c) The court may, for cause shown, relieve a trustee from liability for any breach of trust, or wholly or partly excuse a trustee who has acted honestly and reasonably from liability for a breach of trust. (2005-192, s. 2.)
NC Gen Stat § 36C-10-1002 (2021)
2021 North Carolina General Statutes|Chapter 36C - North Carolina Uniform Trust Code|Article 10 - Liability of Trustees and Rights of Persons Dealing with Trustees.|§ 36C-10-1002 - Damages for breach of trust.

 36C-10-1002. Damages for breach of trust.(a) A trustee who commits a breach of trust is liable for the greater of:(1) The amount required to restore the value of the trust property and trust distributions to what they would have been had the breach not occurred; or(2) The profit the trustee made by reason of the breach.(b) Except as otherwise provided in this subsection, if more than one trustee is liable to the beneficiaries for a breach of trust, a trustee is entitled to contribution from the other trustee or trustees. A trustee is not entitled to contribution if the trustee was substantially more at fault than another trustee or if the trustee committed the breach of trust in bad faith or with reckless indifference to the purposes of the trust or the interests of the beneficiaries. A trustee who received a benefit from the breach of trust is not entitled to contribution from another trustee to the extent of the benefit received. (2005-192, s. 2.)
NC Gen Stat § 36C-10-1003 (2021)
2021 North Carolina General Statutes|Chapter 36C - North Carolina Uniform Trust Code|Article 10 - Liability of Trustees and Rights of Persons Dealing with Trustees.|§ 36C-10-1003 - Liability in absence of breach.

 36C-10-1003. Liability in absence of breach.(a) A trustee is accountable for any profit made by the trustee arising from the administration of the trust, even absent a breach of trust. Nothing in this section limits a trustee's right to compensation under G.S. 36C-7-708 or payments allowed under G.S. 36C-8-802(f).(b) Absent a breach of trust, a trustee is not liable for a loss or depreciation in the value of trust property or for not having made a profit. (2005-192, s. 2.)
NC Gen Stat § 36C-10-1004 (2021)
2021 North Carolina General Statutes|Chapter 36C - North Carolina Uniform Trust Code|Article 10 - Liability of Trustees and Rights of Persons Dealing with Trustees.|§ 36C-10-1004 - Attorneys' fees and costs.

 36C-10-1004. Attorneys' fees and costs.In a judicial proceeding involving the administration of a trust, the court may award costs and expenses, including reasonable attorneys' fees, as provided in the General Statutes, except that, in the case of a proceeding to establish the validity of a trust under Article 4C of this Chapter, the court shall allow for attorneys' fees for the attorneys of a party contesting the proceeding only if the court finds the party had reasonable grounds for contesting the proceeding.  (2005-192, s. 2; 2021-53, s. 1.3.)
NC Gen Stat § 36C-10-1005 (2021)
2021 North Carolina General Statutes|Chapter 36C - North Carolina Uniform Trust Code|Article 10 - Liability of Trustees and Rights of Persons Dealing with Trustees.|§ 36C-10-1005 - Limitation of action against trustee.

 36C-10-1005. Limitation of action against trustee.(a) No proceeding against a trustee for breach of trust may be commenced more than five years after the first to occur of: (i) the removal, resignation, or death of the trustee; (ii) the termination of the beneficiary's interest in the trust; or (iii) the termination of the trust.(b) Except as provided in subsection (a) of this section, Chapter 1 of the General Statutes governs the limitations of actions on judicial proceedings involving trusts. However, for purposes of those limitations both of the following apply:(1) On the date that any limitation starts running as to a person with respect to a claim held by the person involving a trust, the limitation also shall start running as to all other persons the person would be entitled to represent under Article 3 of this Chapter, whether or not the person consented to serve as a representative.(2) G.S. 1-17 of the General Statutes shall not apply to toll the running of the limitation as to the persons described in subdivision (1) of this subsection. Those persons shall be treated as if they were under no disability on the date that the limitation starts running.  (2005-192, s. 2; 2015-205, s. 6.)
NC Gen Stat § 36C-10-1006 (2021)
2021 North Carolina General Statutes|Chapter 36C - North Carolina Uniform Trust Code|Article 10 - Liability of Trustees and Rights of Persons Dealing with Trustees.|§ 36C-10-1006 - Reliance on trust instrument.

 36C-10-1006. Reliance on trust instrument.A trustee who acts in reasonable reliance on the terms of the trust as expressed in a trust instrument is not liable for a breach of trust to the extent that the breach resulted from the reliance. (2005-192, s. 2.)
NC Gen Stat § 36C-10-1007 (2021)
2021 North Carolina General Statutes|Chapter 36C - North Carolina Uniform Trust Code|Article 10 - Liability of Trustees and Rights of Persons Dealing with Trustees.|§ 36C-10-1007 - Event affecting administration or distribution.

 36C-10-1007. Event affecting administration or distribution.If the happening of an event, including marriage, divorce, performance of educational requirements, or death, affects the administration or distribution of a trust, a trustee who has exercised reasonable care to ascertain the happening of the event is not liable for a loss resulting from the trustee's lack of knowledge. (2005-192, s. 2.)
NC Gen Stat § 36C-10-1008 (2021)
2021 North Carolina General Statutes|Chapter 36C - North Carolina Uniform Trust Code|Article 10 - Liability of Trustees and Rights of Persons Dealing with Trustees.|§ 36C-10-1008 - Exculpation of trustee.

 36C-10-1008. Exculpation of trustee.A term of a trust relieving a trustee of liability for breach of trust is unenforceable to the extent that it relieves the trustee of liability for breach of trust committed in bad faith or with reckless indifference to the purposes of the trust or the interests of the beneficiaries. (2005-192, s. 2.)
NC Gen Stat § 36C-10-1009 (2021)
2021 North Carolina General Statutes|Chapter 36C - North Carolina Uniform Trust Code|Article 10 - Liability of Trustees and Rights of Persons Dealing with Trustees.|§ 36C-10-1009 - Beneficiary's consent, release, or ratification.

 36C-10-1009. Beneficiary's consent, release, or ratification.(a) A trustee is not liable to a beneficiary for breach of trust if the beneficiary consented to the conduct constituting the breach, released the trustee from liability for the breach, or ratified the transaction constituting the breach, unless:(1) The consent, release, or ratification of the beneficiary was induced by improper conduct of the trustee; or(2) At the time of the consent, release, or ratification, the beneficiary did not have knowledge of the beneficiary's rights or of the material facts relating to the breach.(b) No consideration is required for the consent, release, or ratification to be valid. (2005-192, s. 2.)
NC Gen Stat § 36C-10-1010 (2021)
2021 North Carolina General Statutes|Chapter 36C - North Carolina Uniform Trust Code|Article 10 - Liability of Trustees and Rights of Persons Dealing with Trustees.|§ 36C-10-1010 - Limitation on personal liability of trustee.

 36C-10-1010. Limitation on personal liability of trustee.(a) Except as otherwise provided in the contract, a trustee is not personally liable on a contract properly entered into in the trustee's fiduciary capacity in the course of administering the trust if the trustee in making the contract disclosed the fiduciary capacity. The addition of the phrase "trustee" or "as trustee" or a similar designation to the signature of a trustee on a written contract is considered prima facie evidence of a disclosure of fiduciary capacity.(b) A trustee is personally liable for torts committed in the course of administering a trust, or for obligations arising from ownership or control of trust property, including liability for violation of environmental law, only if the trustee is personally at fault.(c) A claim based on a contract entered into by a trustee in the trustee's fiduciary capacity, on an obligation arising from ownership or control of trust property, or on a tort committed in the course of administering a trust, may be asserted in a judicial proceeding against the trustee in the trustee's fiduciary capacity, whether or not the trustee is personally liable for the claim. Any judgment rendered in favor of a claimant in such a judicial proceeding against a trust may be recovered from the trust property without proof that the trustee could have obtained reimbursement from the trust if the trustee had paid the claim.(d) A trustee is entitled to indemnity from the trust for any claim, other than a breach of trust, for which the trustee is liable:(1) If the claim arose from a common incident of activity in which the trustee was properly engaged for the trust;(2) If the trustee was not personally at fault; or(3) To the extent that the trustee's actions increased the value of trust property.(e) A decision by a trustee not to inspect property, or to decline to accept property, shall not create any inference as to liability, under any environmental law, with respect to that property. A trustee shall have no liability for a decrease in value of property in a trust by reason of the trustee's compliance with any environmental law, including reporting requirements. (2005-192, s. 2.)
NC Gen Stat § 36C-10-1011 (2021)
2021 North Carolina General Statutes|Chapter 36C - North Carolina Uniform Trust Code|Article 10 - Liability of Trustees and Rights of Persons Dealing with Trustees.|§ 36C-10-1011 - Interest as general partner.

 36C-10-1011. Interest as general partner.(a) Except as otherwise provided in subsection (c) of this section or unless personal liability is imposed in the contract, a trustee who holds, in a fiduciary capacity, an interest as a general partner in a general or limited partnership is not personally liable on a contract entered into by the partnership if the fiduciary capacity was disclosed. The addition of the phrase "trustee" or "as trustee" or a similar designation to the signature of a trustee on a written partnership document is considered prima facie evidence of a disclosure of fiduciary capacity.(b) A trustee who holds, in a fiduciary capacity, an interest as a general partner is not personally liable for torts committed by the partnership or for obligations arising from ownership or control of the interest unless the trustee is personally at fault. This subsection does not apply to additional ownership interests of the trustee held in a nonfiduciary capacity.(c) If the settlor transfers an existing general partnership interest to a revocable trust, the settlor remains personally liable for partnership obligations as if the settlor were a general partner. (2005-192, s. 2.)