reglab/housing_qa huggingface dataset:
NC Gen Stat § 36C-10-1012 (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-10-1012 - Protection of person dealing with trustee.

 36C-10-1012. Protection of person dealing with trustee.(a) A person other than a beneficiary who in good faith assists a trustee, or who in good faith and for value deals with a trustee, without knowledge that the trustee is exceeding or improperly exercising the trustee's powers, is protected from liability as if the trustee properly exercised the power.(b) A person other than a beneficiary who in good faith deals with a trustee is not required to inquire into the extent of the trustee's powers or the propriety of their exercise.(c) A person who in good faith delivers assets to a trustee need not ensure their proper application.(d) A person other than a beneficiary who in good faith assists a former trustee, or who in good faith and for value deals with a former trustee, without knowledge that the trusteeship has terminated is protected from liability as if the former trustee were still a trustee.(e) Comparable protective provisions of other laws relating to commercial transactions or transfer of securities by fiduciaries prevail over the protection provided by this section.(f) A person is not required to obtain a certification under G.S. 36C-10-1013 in order to be entitled to the protections of this section. (2005-192, s. 2.)
NC Gen Stat § 36C-11-1101 (2021)
2021 North Carolina General Statutes|Chapter 36C - North Carolina Uniform Trust Code|Article 11 - Miscellaneous Provisions.|§ 36C-11-1101 - Uniformity of application and construction.

 36C-11-1101. Uniformity of application and construction.In applying and construing this Chapter, consideration may be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. (2005-192, s. 2.)
NC Gen Stat § 36C-11-1102 (2021)
2021 North Carolina General Statutes|Chapter 36C - North Carolina Uniform Trust Code|Article 11 - Miscellaneous Provisions.|§ 36C-11-1102 - Electronic records and signatures.

 36C-11-1102. Electronic records and signatures.The provisions of this Chapter governing the legal effect, validity, or enforceability of electronic records or electronic signatures, and of contracts formed or performed with the use of those records or signatures, conform to the requirements of section 102 of the Electronic Signatures in Global and National Commerce Act (15 U.S.C. 7002) and supersede, modify, and limit the requirements of the Electronic Signatures in Global and National Commerce Act. (2005-192, s. 2.)
NC Gen Stat § 36C-11-1103 (2021)
2021 North Carolina General Statutes|Chapter 36C - North Carolina Uniform Trust Code|Article 11 - Miscellaneous Provisions.|§ 36C-11-1103 - Severability clause.

 36C-11-1103. Severability clause.If any provision of this Chapter or its application to any person or circumstances is held invalid, the invalidity does not affect other provisions or applications of this Chapter that can be given effect without the invalid provision or application, and to this end the provisions of this Chapter are severable. (2005-192, s. 2.)
NC Gen Stat § 36C-11-1104 (2021)
2021 North Carolina General Statutes|Chapter 36C - North Carolina Uniform Trust Code|Article 11 - Miscellaneous Provisions.|§ 36C-11-1104 - Trustee signatures.

 36C-11-1104. Trustee signatures.The signature of a trustee of a trust who signs a document for or on behalf of the trust shall be deemed to be the signature of the trustee as such. A document which identifies a trust shall be deemed to include the trustee or the trustees as such. (2007-106, s. 54.)
NC Gen Stat § 36C-11-1106 (2021)
2021 North Carolina General Statutes|Chapter 36C - North Carolina Uniform Trust Code|Article 11 - Miscellaneous Provisions.|§ 36C-11-1106 - Application to existing relationships.

 36C-11-1106. Application to existing relationships.(a) Except as otherwise provided in this Chapter, this Chapter applies to (i) all trusts created before, on, or after January 1, 2006; (ii) all judicial proceedings concerning trusts commenced on or after January 1, 2006; and (iii) judicial proceedings concerning trusts commenced before January 1, 2006, unless the court finds that application of a particular provision of this Chapter would substantially interfere with the effective conduct of the judicial proceedings or prejudice the rights of the parties, in which case the particular provision of this Chapter does not apply and the superseded law applies.(b) Except as otherwise provided in this Chapter, any rule of construction or presumption provided in this Chapter applies to trust instruments executed before January 1, 2006, unless there is a clear indication of a contrary intent in the terms of the trust or unless application of that rule of construction or presumption would impair substantial rights of a beneficiary. Except as otherwise provided in this Chapter, an act done before January 1, 2006, is not affected by this Chapter. If a right is acquired, extinguished, or barred upon the expiration of a prescribed period that has commenced to run under any other statute before January 1, 2006, that statute continues to apply to the right even if it has been repealed or superseded.(2005-192, ss. 7(a), (b); 2006-226, ss. 31(a), (b).)
NC Gen Stat § 37A-1-101 (2021)
2021 North Carolina General Statutes|Chapter 37A - Uniform Principal and Income Act|Article 1 - Definitions and Fiduciary Duties; Conversion to Unitrust; Judicial Control of Discretionary Power.|§ 37A-1-101 - Short title.

 37A-1-101. Short title.This Chapter may be cited as the Uniform Principal and Income Act. (2003-232, s. 2.)
NC Gen Stat § 37A-1-102 (2021)
2021 North Carolina General Statutes|Chapter 37A - Uniform Principal and Income Act|Article 1 - Definitions and Fiduciary Duties; Conversion to Unitrust; Judicial Control of Discretionary Power.|§ 37A-1-102 - Definitions.

 37A-1-102. Definitions.The following definitions apply in this Chapter:(1) "Accounting period" means a calendar year unless another 12-month period is selected by a fiduciary. The term includes a portion of a calendar year or other 12-month period that begins when an income interest begins or ends when an income interest ends.(2) "Beneficiary" includes, in the case of a decedent's estate, an heir and devisee and, in the case of a trust, an income beneficiary and a remainder beneficiary.(3) "Fiduciary" means a personal representative or a trustee. The term includes an executor, administrator, successor personal representative, special administrator, and a person performing substantially the same function.(4) "Income" means money or property that a fiduciary receives as current return from a principal asset. The term includes a portion of receipts from a sale, exchange, or liquidation of a principal asset, to the extent provided in Article 4 of this Chapter.(5) "Income beneficiary" means a person to whom net income of a trust is or may be payable.(6) "Income interest" means the right of an income beneficiary to receive all or part of net income, whether the terms of the trust require it to be distributed or authorize it to be distributed in the trustee's discretion.(7) "Mandatory income interest" means the right of an income beneficiary to receive net income that the terms of the trust require the fiduciary to distribute.(8) "Net income" means the total receipts allocated to income during an accounting period minus the disbursements made from income during the period, plus or minus transfers under this Chapter to or from income during the period.(9) "Person" means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, or government; governmental subdivision, agency, or instrumentality; public corporation, or any other legal or commercial entity.(10) "Principal" means property held in trust for distribution to a remainder beneficiary when the trust terminates.(11) "Remainder beneficiary" means a person entitled to receive principal when an income interest ends.(12) "Terms of a trust" means the manifestation of the intent of a settlor or decedent with respect to the trust, expressed in a manner that admits of its proof in a judicial proceeding, whether by written or spoken words or by conduct.(13) "Trustee" includes an original, additional, or successor trustee, whether or not appointed or confirmed by a court.  (2003-232, s. 2; 2011-284, s. 47.)
NC Gen Stat § 37A-1-103 (2021)
2021 North Carolina General Statutes|Chapter 37A - Uniform Principal and Income Act|Article 1 - Definitions and Fiduciary Duties; Conversion to Unitrust; Judicial Control of Discretionary Power.|§ 37A-1-103 - Fiduciary duties; general principles.

 37A-1-103. Fiduciary duties; general principles.(a) In allocating receipts and disbursements to or between principal and income, and with respect to any matter within the scope of Articles 2 and 3 of this Chapter, a fiduciary:(1) Shall administer a trust or estate in accordance with the terms of the trust or the will, even if there is a different provision in this Chapter;(2) May administer a trust or estate by the exercise of a discretionary power of administration given to the fiduciary by the terms of the trust or the will, even if the exercise of the power produces a result different from a result required or permitted by this Chapter;(3) Shall administer a trust or estate in accordance with this Chapter if the terms of the trust or the will do not contain a different provision or do not give the fiduciary a discretionary power of administration; and(4) Shall add a receipt or charge a disbursement to principal to the extent that the terms of the trust and this Chapter do not provide a rule for allocating the receipt or disbursement to or between principal and income.(b) In exercising the power to adjust under G.S. 37A-1-104(a), any discretionary power in connection with the conversion or administration of a unitrust under Part 2 of this Article, or a discretionary power of administration regarding a matter within the scope of this Chapter, whether granted by the terms of a trust, a will, or this Chapter, a fiduciary shall administer a trust or estate impartially, based on what is fair and reasonable to all of the beneficiaries, except to the extent that the terms of the trust or the will clearly manifest an intention that the fiduciary shall or may favor one or more of the beneficiaries. A determination in accordance with this Chapter is presumed to be fair and reasonable to all of the beneficiaries.(c) The exercise of powers of allocation of receipts and expenditures contained or incorporated by reference to G.S. 32-27(29) in wills dated prior to January 1, 2004, shall continue to be valid. (2003-232, s. 2.)
NC Gen Stat § 37A-1-104.3 (2021)
2021 North Carolina General Statutes|Chapter 37A - Uniform Principal and Income Act|Article 1 - Definitions and Fiduciary Duties; Conversion to Unitrust; Judicial Control of Discretionary Power.|§ 37A-1-104.3 - Conversion with court approval.

 37A-1-104.3. Conversion with court approval.(a) If any trustee desires to (i) convert an income trust to a total return unitrust, (ii) reconvert a total return unitrust to an income trust, or (iii) change the percentage used to calculate the unitrust amount or the method used to determine the fair market value of the trust but does not have the ability to or elects not to do it under G.S. 37A-1-104.2, the trustee may petition the court for an order as the trustee considers appropriate. In the event, however, there is only one trustee of the trust and the trustee is an interested trustee or in the event there are two or more trustees of the trust and a majority of them are interested trustees, the court, in its own discretion or on the petition of the trustee or trustees or any person interested in the trust, may appoint a disinterested person who, acting in a fiduciary capacity, shall present information to the court as shall be necessary to enable the court to make its determinations under this Part.(b) A qualified beneficiary or a representative of a qualified beneficiary may request the trustee to (i) convert an income trust to a total return unitrust, (ii) reconvert a total return unitrust to an income trust, or (iii) change the percentage used to calculate the unitrust amount or the method used to determine the fair market value of the trust. If the trustee does not take the action requested, the qualified beneficiary or a representative of the qualified beneficiary may petition the court to order the trustee to take the action.(c) All proceedings under this section shall be conducted as provided in Article 2 of Chapter 36C of the General Statutes. (2003-232, s. 2; 2007-106, s. 47.)
NC Gen Stat § 37A-1-104.4 (2021)
2021 North Carolina General Statutes|Chapter 37A - Uniform Principal and Income Act|Article 1 - Definitions and Fiduciary Duties; Conversion to Unitrust; Judicial Control of Discretionary Power.|§ 37A-1-104.4 - Determination of unitrust amount.

 37A-1-104.4. Determination of unitrust amount.(a) The fair market value of the trust shall be determined at least annually, using a valuation date selected by the trustee in its discretion. The trustee, in its discretion, may use an average of the fair market value on the same valuation date for the current fiscal year and not more than three preceding fiscal years, if the use of this average appears desirable to reduce the impact of fluctuations in market value on the unitrust amount. Assets for which a fair market value cannot be readily ascertained shall be valued using valuation methods as are considered reasonable and appropriate by the trustee. Assets, such as a residence or tangible personal property, used by the trust beneficiary may be excluded from the fair market value for computing the unitrust amount.(b) The percentage to be used in determining the unitrust amount shall be a reasonable current return from the trust, in any event not less than three percent (3%) nor more than five percent (5%), taking into account the intentions of the settlor of the trust as expressed in the governing instrument, the needs of the beneficiaries, general economic conditions, projected current earnings and appreciation for the trust, and projected inflation and its impact on the trust.(c) Repealed by Session Laws 2005-244, s. 4, effective July 30, 2005. See notes for applicability language.(d) Following the conversion of an income trust to a total return unitrust, the trustee:(1) Shall consider the unitrust amount as paid from net accounting income determined as if the trust were not a unitrust;(2) Shall then consider the unitrust amount as paid from ordinary income not allocable to net accounting income;(3) May, in the trustee's discretion, consider the unitrust amount as paid from net short-term gain described in section 1222(5) of the Code and then from net long-term capital gain described in section 1222(7) of the Code so long as the discretionary power is exercised consistently and in a reasonable and impartial manner, but the amount so paid from net capital gains may not be greater than the excess of the unitrust amount over the amount of distributable net income as defined in section 643(a) of the Code without regard to section 1.643(a)-3(b) of the Treasury Regulations, as amended from time to time; and(4) Shall then consider the unitrust amount as coming from the principal of the trust. (2003-232, s. 2; 2005-244, s. 4; 2007-106, ss. 48, 49.)
NC Gen Stat § 37A-1-104.5 (2021)
2021 North Carolina General Statutes|Chapter 37A - Uniform Principal and Income Act|Article 1 - Definitions and Fiduciary Duties; Conversion to Unitrust; Judicial Control of Discretionary Power.|§ 37A-1-104.5 - Matters in trustee's discretion.

 37A-1-104.5. Matters in trustee's discretion.In administering a total return unitrust, the trustee may, in its sole discretion but subject to the provisions of the governing instrument, determine:(1) The effective date of the conversion;(2) The timing of distributions, including provisions for prorating a distribution for a short year in which a beneficiary's right to payments commences or ceases;(3) Whether distributions are to be made in cash or in kind or partly in cash and partly in kind;(4) If the trust is reconverted to an income trust, the effective date of the reconversion; and(5) Any other administrative issues as may be necessary or appropriate to carry out the purposes of this Part. (2003-232, s. 2.)
NC Gen Stat § 37A-1-104.6 (2021)
2021 North Carolina General Statutes|Chapter 37A - Uniform Principal and Income Act|Article 1 - Definitions and Fiduciary Duties; Conversion to Unitrust; Judicial Control of Discretionary Power.|§ 37A-1-104.6 - No effect on principal distributions.

 37A-1-104.6. No effect on principal distributions.Conversion to a total return unitrust under this Part shall not affect any other provision of the governing instrument, if any, regarding distributions of principal. For purposes of this Part, the distribution of a unitrust amount is considered a distribution of income and not of principal. (2003-232, s. 2.)
NC Gen Stat § 37A-1-104.8 (2021)
2021 North Carolina General Statutes|Chapter 37A - Uniform Principal and Income Act|Article 1 - Definitions and Fiduciary Duties; Conversion to Unitrust; Judicial Control of Discretionary Power.|§ 37A-1-104.8 - No liability on part of trustee or disinterested person acting in good faith.

 37A-1-104.8. No liability on part of trustee or disinterested person acting in good faith.No trustee or disinterested person who in good faith takes or fails to take any action under this Part shall be liable to any person affected by the action or inaction, regardless of whether the person received written notice as provided in this Part and regardless of whether the person was under a legal disability at the time of the delivery of the notice. The exclusive remedy for any person affected by an action or inaction shall be to obtain an order of the court directing the trustee (i) to convert an income trust to a total return unitrust, (ii) to reconvert from a total return unitrust to an income trust, or (iii) to change the percentage used to calculate the unitrust amount. (2003-232, s. 2.)
NC Gen Stat § 37A-1-104.9 (2021)
2021 North Carolina General Statutes|Chapter 37A - Uniform Principal and Income Act|Article 1 - Definitions and Fiduciary Duties; Conversion to Unitrust; Judicial Control of Discretionary Power.|§ 37A-1-104.9 - Applicability.

 37A-1-104.9. Applicability.This Part shall apply to all trusts in existence on, or created after January 1, 2004, unless (i) the governing instrument contains a provision clearly expressing the settlor's intention that the current beneficiary or beneficiaries are to receive an amount other than a reasonable current return from the trust, (ii) the trust is a trust described in section 170(f)(2)(B), section 664(d), section 2702(a)(3), or section 2702(b) of the Code, (iii) the trust is a trust under which any amount is, or has been in the past, set aside permanently for charitable purposes unless the income from the trust also is devoted permanently to charitable purposes, or (iv) the governing instrument expressly prohibits use of this Part by specific reference to this Part, or expressly states the settlor's intent that net income not be calculated as a unitrust amount. A provision in the governing instrument that "the provisions of Part 2 of Article 1 of Chapter 37A of the General Statutes or any corresponding provision of future law, shall not be used in the administration of this trust." or "the trustee shall not determine the distributions to the income beneficiary as a unitrust amount." or similar words reflecting that intent is sufficient to preclude the use of this Part. (2003-232, s. 2; 2005-244, s. 5; 2007-106, s. 50.)
NC Gen Stat § 37A-1-104.21 (2021)
2021 North Carolina General Statutes|Chapter 37A - Uniform Principal and Income Act|Article 1 - Definitions and Fiduciary Duties; Conversion to Unitrust; Judicial Control of Discretionary Power.|§ 37A-1-104.21 - Definitions.

 37A-1-104.21. Definitions.(a) An "express total return unitrust" means a trust that has a governing instrument requiring the distribution at least annually of a unitrust amount equal to a fixed percentage of not less than three percent (3%) nor more than five percent (5%) per year of the net fair market value of the trust's assets, valued at least annually.(b) "Code" means the Internal Revenue Code as described in G.S. 37A-1-104.1(1).(c) "Treasury regulations" means the treasury regulations described in G.S. 37A-1-104.1(9a). (2005-244, s. 6.)
NC Gen Stat § 37A-1-104.22 (2021)
2021 North Carolina General Statutes|Chapter 37A - Uniform Principal and Income Act|Article 1 - Definitions and Fiduciary Duties; Conversion to Unitrust; Judicial Control of Discretionary Power.|§ 37A-1-104.22 - Determination of unitrust amount.

 37A-1-104.22. Determination of unitrust amount.(a) The unitrust amount to be distributed by the express total return unitrust may be determined in the governing instrument by reference to the net fair market value of the trust's assets determined annually or averaged on a multiple year basis.(b) The terms of the governing instrument of an express total return unitrust may provide that:(1) Assets for which a fair market value cannot be readily ascertained shall be valued using valuation methods that the trustee considers reasonable and appropriate.(2) Assets, such as a residence property or tangible personal property, used by the trust beneficiary entitled to the unitrust amount may be excluded from the net fair market value for computing the unitrust amount. (2005-244, s. 6.)
NC Gen Stat § 37A-1-104.23 (2021)
2021 North Carolina General Statutes|Chapter 37A - Uniform Principal and Income Act|Article 1 - Definitions and Fiduciary Duties; Conversion to Unitrust; Judicial Control of Discretionary Power.|§ 37A-1-104.23 - Effect of distribution of unitrust amount.

 37A-1-104.23. Effect of distribution of unitrust amount.The distribution from an express total return unitrust of the fixed percentage of not less than three percent (3%) nor more than five percent (5%) reasonably apportions between the income beneficiaries and remaindermen the total return of an express total return unitrust. (2005-244, s. 6.)
NC Gen Stat § 37A-1-104.24 (2021)
2021 North Carolina General Statutes|Chapter 37A - Uniform Principal and Income Act|Article 1 - Definitions and Fiduciary Duties; Conversion to Unitrust; Judicial Control of Discretionary Power.|§ 37A-1-104.24 - Change or conversion of unitrust amount.

 37A-1-104.24. Change or conversion of unitrust amount.(a) The terms of the governing instrument of an express total return unitrust may provide the method similar to the method provided under G.S. 37A-1-104.2(a) for changing the unitrust percentage or for converting from a unitrust to an income trust or for a reconversion of an income trust to a unitrust, or for all of these actions.(b) If the terms of the governing instrument of an express total return unitrust do not specifically or by reference to G.S. 37A-1-104.2 grant a power to the trustee to change the unitrust percentage or change to an income trust, the trustee shall not have that power. (2005-244, s. 6.)