§ 31B-1.2. Right of fiduciary to institute a proceeding for review of renunciation. - North Carolina Statutes

§ 31B‑1.2.  Right offiduciary to institute a proceeding for review of renunciation.

(a)        Prior torenouncing, if a fiduciary so elects, the fiduciary may institute a proceedingby petition before the clerk of court for a determination as to whether a renunciationwould be compatible with the fiduciary's duties. Commencement of theproceeding, jurisdiction, venue, parties, representation, and notice shall begoverned by Chapter 36C of the General Statutes. In addition to any othernotice requirements, notice of the proceeding shall be given to all personsentitled to delivery of a copy of an instrument of renunciation under G.S. 31B‑2.1.

(b)        After renouncing,if a fiduciary so elects, the fiduciary has a right to institute a declaratoryjudgment action pursuant to Article 26 of Chapter 1 of the General Statutes fora determination as to whether the renunciation is compatible with thefiduciary's duties. In addition to any other notice requirements, notice of theaction shall be given to all persons entitled to delivery of a copy of aninstrument of renunciation under G.S. 31B‑2.1.

(c)        A proceeding oraction instituted under this section shall comply with all of the following:

(1)        The petition orcomplaint shall state the basis for the fiduciary's allegation that therenunciation is compatible with the fiduciary's duties, considering among otherthings the intended purposes of the trust or other instrument and the impact ofthe renunciation on beneficiaries and potential beneficiaries. A petition orcomplaint filed by a trustee of a charitable trust shall contain a statementthat a copy of the petition or complaint is being provided to the AttorneyGeneral.

(2)        After consideringamong other things the intended purposes of the trust or other instrument andthe impact of the renunciation on beneficiaries and potential beneficiaries,the court shall enter an order stating the court's determination as to whetherthe renunciation is compatible with the fiduciary's duties.

(d)        The effectivenessof a renunciation is not affected by a determination under this section thatthe renunciation is not compatible with a fiduciary's duties.  (2009‑48, s. 3.)