US Laws, Codes, Statutes & Cases

§ 36C‑1‑105.  Default and mandatory rules.

(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; and

(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. (2005‑192, s. 2.)