Bill Summary for S 434 (2011-2012)

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Summary date: 

Apr 19 2011

Bill Information:

View NCGA Bill Details2011-2012 Session
Senate Bill 434 (Public) Filed Monday, March 28, 2011
Intro. by Hartsell.

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Bill summary

Senate committee substitute makes the following changes to 1st edition.
Amends GS 36C-8-808 to add clarifying language to identify the duty and liability of the trustee that is subject to the direction and consent of the settlor. Makes technical and organizational changes. Provides that the terms of the trust may confer the power to take certain actions on a person who is not a trustee or a settlor of a revocable trust (was, may confer such power on a person other than a settlor). Provides that new subsection (e1) of GS 36C-7-703 regarding conditions when the terms of a trust confers upon a co-trustee the power to take certain actions with respect to the trust, to the exclusion of another co-trustee applies except as otherwise provided (was, subject to) in the provisions of proposed subdivision (1)a. of subsection (e1).