US Laws, Codes, Statutes & Cases

§ 31B‑1A.  Right to renounce fiduciary powers.

(a)       Except as otherwise provided in the testamentary or nontestamentary instrument, a fiduciary under a testamentary or nontestamentary instrument may renounce, in whole or in part, fiduciary rights, privileges, powers, and immunities by executing and by delivering, filing, or recording a written renunciation pursuant to the provisions of G.S. 31B‑2.  A fiduciary may not renounce the rights of beneficiaries unless the instrument creating the fiduciary relationship authorizes such a renunciation.

(b)       The instrument of renunciation shall (i) describe any fiduciary right, power, privilege, or immunity renounced, (ii) declare the renunciation and the extent thereof, and (iii) be signed and acknowledged by the fiduciary authorized to renounce. (1989, c. 684, s. 3.)