§ 36C-8-813. Duty to inform and report. - North Carolina Statutes

§ 36C‑8‑813.  Dutyto inform and report.

(a)        The trustee isunder a duty to do all of the following:

(1)        Provide reasonablycomplete and accurate information as to the nature and amount of the trustproperty, at reasonable intervals, to any qualified beneficiary who is adistributee or permissible distributee of trust income or principal.

(2)        In response to areasonable request of any qualified beneficiary:

a.         Provide a copy ofthe trust instrument.

b.         Provide reasonablycomplete and accurate information as to the nature and amount of the trustproperty.

c.         Allow reasonableinspections of the subject matter of the trust and the accounts and otherdocuments relating to the trust.

(b)        Notwithstandingsubsection (a) of this section:

(1)        The duty of thetrustee under subsection (a) of this section shall not include informing anybeneficiary in advance of transactions relating to the trust property.

(2)        A trustee isconsidered to have discharged the trustee's duty under subdivision (1) ofsubsection (a) of this section as to a qualified beneficiary for mattersdisclosed by a report sent at least annually and at termination of the trust tothe beneficiary that describes the trust property, liabilities, receipts, anddisbursements, including the source and amount of the trustee's compensation,and lists the trust assets and their respective market values, includingestimated values of assets with uncertain values. No presumption shall arisethat a trustee who does not comply with this subdivision failed to discharge thetrustee's duty under subdivision (1) of subsection (a) of this section.

(c)        A qualifiedbeneficiary may waive the right to a trustee's report or other informationotherwise required to be furnished under this section. With respect to futurereports and other information, a beneficiary may withdraw a waiver previouslygiven.

(d)        Repealed by SessionLaws 2007‑106, s. 35, effective October 1, 2007. (2005‑192, s. 2; 2007‑106,s. 35.)