N.C. Gen. Stat. § 37A-1-104.5

Current through Session Law 2024-53

Section 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.

N.C. Gen. Stat. § 37A-1-104.5

Added by 2003 N.C. Sess. Laws 0232, s. 2, eff. 1/1/2004.