Senate committee substitute makes the following changes to 2nd edition.
Deletes all provisions of previous edition and replaces them with AN ACT TO ELIMINATE OBSOLETE REGISTER OF DEEDS PROVISIONS FROM THE GENERAL STATUTES, TO AMEND LOCAL AGENCY CHARGES FOR VITAL RECORDS SEARCHES, TO CLARIFY THE LAW GOVERNING PERSONS HOLDING THE POWER TO DIRECT TRUSTEES, TRUST PROTECTORS, AND DIRECTED TRUSTEES AND OTHER FIDUCIARIES, TO MAKE TECHNICAL CHANGES IN THE LAW GOVERNING TRUSTS AND DECEDENTS' ESTATES, AND TO AUTHORIZE THE REVISOR OF STATUTES TO PRINT OFFICIAL COMMENTS TO THE UNIFORM TRUST CODE.
Part I. Amend or Remove Obsolete Register of Deeds Provisions. Amends GS 9-4 (concerning the jury list) to require the name and address of each qualified person on the list to be recorded and arranged alphabetically (rather than written on a separate card). Requires the list to be filed with the clerk of court (rather than with the register of deeds). Repeals GS 45-16 (register of deeds to make marginal entry of substituted trustee). Amends the following statutes to remove certain indexing or recording requirements: GS 45-21.17A(b), 47-14(e), 47C-2-101(a), 47C-2-109(a), 47F-2-101, 47F-2-117(c), 58-72-50, 68-18.1, 80-16, 87-110(d), 104-7(c), 130A-301, 130A-310.8, 130A-310.35, 143-215.85A, 143-215.104M, 143B-279.10, 143B-279.11, and 160A-400.6. Repeals GS 80-33 through 80-37 (concerning farm names) and makes conforming changes to GS 80-38 and 80-39. Effective July 1, 2012.
Part II. Vital Records Searches by Local Agencies. Current law directs a local agency, when conducting searches for issuance of vital records using State Registrar databases, to charge the specified fees and to retain $10 of the collected fees to cover administrative costs and forward the remaining fees to the State Registrar. Amends GS 130A-93.1(a)(1) to direct the local agency to charge and forward to the State Registrar $14 and to charge and retain $10 if a copy is made, provided the agency may waive the $10 charge if the copy is issued to a person over 62 years old. Makes a conforming change to repeal GS 161-10(8a). Effective July 1, 2012.
Part III. Trusts and Decedents’ Estates. Amends GS 36C-8-808 to modify and clarify the powers of a settlor of a revocable trust, who has the power to direct or consent to the trustee’s actions. Adds that a trustee is not liable for any loss resulting from complying with the settlor’s direction. Deletes provisions concerning other persons with power over a trust. Enacts new subsection (e1) to GS 36C-7-703 to specify applicable duties and liabilities when a trust confers power upon a cotrustee, to the exclusion of another cotrustee. Deletes the current provision in GS 32-72(d), which concerns investments made by specified persons, and replaces it with provisions applicable to an instrument that creates a fiduciary relationship other than a trust and to a fiduciary other than a trustee.
Adds new Article 8A, Powers, Duties, and Liability of a Power Holder Other than a Trustee; Duty and Liability of a Trustee with Respect to Power Holder’s Actions, in GS Chapter 36C. Defines power holder as a person, under the terms of a trust, with the power to take certain actions with respect to the trust, and who is not a trustee or a settlor with a power to direct or consent. Sets out the powers, duty, and liability of a power holder, and the duty and liability of a trustee in relation to a power holder. Provides for the power holder’s compensation and removal, obtaining jurisdiction over a power holder, accepting or declining appointment as a power holder, and other details related to power holders.
Makes technical and clarifying changes to various provisions related to trusts and decedents’ estates. Amends Section 14 of SL 2011-344 (Revise Probate Code) to make specified changes to effective dates in that session law.