§ 36C-7-701. Accepting or declining trusteeship. - North Carolina Statutes

Article 7.

Office of Trustee.

§ 36C‑7‑701. Accepting or declining trusteeship.

(a)        Except as otherwiseprovided in subsection (c) of this section, a person designated as trusteeaccepts the trusteeship:

(1)        By substantiallycomplying with a method of acceptance provided in the terms of the trust; or

(2)        If the terms of thetrust do not provide a method or the method provided in the terms is notexpressly made exclusive, by accepting delivery of the trust property,exercising powers or performing duties as trustee, or otherwise indicatingacceptance of the trusteeship.

(b)        A person designatedas trustee who has not yet accepted the trusteeship may reject the trusteeship.A designated trustee who does not accept the trusteeship within 120 days afterwritten notice to accept the trusteeship is provided is considered to haverejected the trusteeship.

(c)        A person designatedas trustee, without accepting the trusteeship, may:

(1)        Act to preserve thetrust property if, within a reasonable time after acting, the person sends arejection of the trusteeship to the settlor or, if the settlor is dead or lackscapacity, to a qualified beneficiary; and

(2)        Inspect orinvestigate trust property to determine potential liability under environmentalor other law or for any other purpose. (2005‑192, s. 2; 2006‑259, s. 13(j).)