Section 36C-8A-1 - "Power holder" defined(a) For purposes of this Article:(1) The term "power holder" means a person described in subdivision (2) of this subsection that under the terms of a trust has the power to take certain actions with respect to a trust and that is not any of the following:b. A settlor with a power to direct or consent pursuant to G.S. 36C-8-808.c. A person in which a donor creates a power of appointment.d. A person that has authority to consent to the exercise of a power of appointment.e. A beneficiary with a power over a trust to the extent the exercise or nonexercise of the power affects the beneficial interest of the beneficiary or another beneficiary represented by a beneficiary under G.S. 36C-3-301 through G.S. 36C-3-305 with respect to the exercise or nonexercise of the power.(2) A power holder may be any of the following:a. One or more individuals.b. One or more other persons each of which is qualified to exercise trust powers in this State.c. Any combination of the persons described in sub-subdivisions a. and b. of this subdivision.(b) A person is a power holder whether or not the terms of a trust refer to the person as a power holder and, except as otherwise provided in sub-subdivisions (a)(1)b. and e. of this section, whether or not the person is a beneficiary or settlor of the trust.N.C. Gen. Stat. § 36C-8A-1
Amended by 2021 N.C. Sess. Laws 85,s. 2-c, eff. 7/8/2021.Added by 2012 N.C. Sess. Laws 18,s. 3.4, eff. 6/11/2012.The state reviser changed the code section number from § 36C-8A-801 to § 36C-8A-1.