§ 33B-9. Use of custodial trust property. - North Carolina Statutes

§33B‑9.  Use of custodial trust property.

(a)        A custodial trusteeshall pay to the beneficiary or expend for the beneficiary's use and benefit somuch or all of the custodial trust property as the beneficiary while notincapacitated may direct from time to time.

(b)        If the beneficiaryis incapacitated, the custodial trustee shall expend so much or all of thecustodial trust property as the custodial trustee considers advisable for theuse and benefit of the beneficiary and the spouse and children, and otherdependents of the beneficiary. Expenditures may be made in the manner, when,and to the extent that the custodial trustee determines suitable and proper,without court order and without regard to other support, income, or property ofthe beneficiary.

(c)        A custodial trusteemay establish checking, savings, or other similar accounts of reasonableamounts from which either the custodial trustee or the beneficiary may withdrawfunds or against which either may draw checks. Funds withdrawn from, or checkswritten against, the account of the beneficiary are distributions of custodialtrust property by the custodial trustee to the beneficiary. (1995,c. 486, s. 1.)