North Carolina General Statutes 36C-4-419. Effect of inalienable interest on modification or termination
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Terms Used In North Carolina General Statutes 36C-4-419
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
The court, in exercising its discretion to modify or terminate an irrevocable trust under N.C. Gen. Stat. § 36C-4-411, 36C-4-412, or 36C-4-414 shall consider provisions making the interest of a beneficiary inalienable, including those described in Article 5, but the court is not precluded from the exercise of that discretion solely because of such provisions. (2005-192, s. 2; 2006-259, s. 13(i).)