§ 31B-1.1. Right of fiduciary to renounce. - North Carolina Statutes

§ 31B‑1.1.  Right offiduciary to renounce.

(a)        Except as otherwiseprovided in the testamentary or nontestamentary instrument, a fiduciary under atestamentary or nontestamentary instrument may renounce, in whole or in part,fiduciary rights, privileges, powers, and immunities; however, a fiduciary maynot renounce the personal rights exercisable by a beneficiary alone, unless theinstrument creating the fiduciary relationship authorizes such a renunciation.The instrument of renunciation shall (i) identify the creator of the rights,powers, privileges, or immunities, (ii) describe any right, power, privilege,or immunity renounced, (iii) declare the renunciation and the extent thereof,and (iv) be signed and acknowledged by the fiduciary authorized to renounce.

(b)        Except as providedin subsection (c) of this section and except to the extent a statute of thisState expressly restricts or limits a fiduciary's right to renounce, afiduciary acting in a fiduciary capacity may renounce the right of succession toany property or interest therein as permitted by this Chapter, even if thetestamentary or nontestamentary instrument governing the fiduciary restricts orlimits the right to renounce the fiduciary's right of succession to theproperty or interest therein.

(c)        An attorney‑in‑factfor a principal acting under subsection (a) or subsection (b) of this sectionmay renounce only if expressly authorized by the governing power of attorney.  (1989, c. 684, s. 3; 2009‑48,s. 2.)