§ 32-26. Incorporation by reference of powers enumerated in § 32-27; restriction on exercise of such powers. - North Carolina Statutes

Article3.

Powers of Fiduciaries.

§ 32‑26.  Incorporationby reference of powers enumerated in § 32‑27; restriction on exercise ofsuch powers.

(a)        By an expressintention of the testator or settlor so to do contained in a will, or in aninstrument in writing whereby a trust estate is created inter vivos, any or allof the powers or any portion thereof enumerated in G.S. 32‑27, as theyexist at the time of the signing of the will by the testator or at the time ofthe signing by the first settlor who signs the trust instrument, may be, byappropriate reference made thereto, incorporated in such will or other writteninstrument, with the same effect as though such language were set forthverbatim in the instrument. Incorporation of one or more of the powers containedin G.S. 32‑27 by reference to that section shall be in addition to andnot in limitation of the common law or statutory powers of the fiduciary.

(b)        No power ofauthority conferred upon a fiduciary as provided in this Article shall beexercised by such fiduciary in such a manner as, in the aggregate, to deprivethe trust or the estate involved of an otherwise available tax exemption,deduction or credit, expressly including the marital deduction, or operate toimpose a tax upon a donor or testator or other person as owner of any portionof the trust or estate involved. "Tax" includes, but is not limitedto, any federal, State, or local income, gift, estate or inheritance tax.

(c)        Nothing hereinshall be construed to prevent the incorporation  of the powers enumerated inG.S. 32‑27 in any other kind of instrument or agreement. (1965,c. 628, s. 1.)