North Carolina General Statutes 36C-10-1003. Liability in absence of breach
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Terms Used In North Carolina General Statutes 36C-10-1003
- property: shall include all property, both real and personal. See North Carolina General Statutes 12-3
- Trustee: A person or institution holding and administering property in trust.
(a) A trustee is accountable for any profit made by the trustee arising from the administration of the trust, even absent a breach of trust. Nothing in this section limits a trustee’s right to compensation under N.C. Gen. Stat. § 36C-7-708 or payments allowed under N.C. Gen. Stat. § 36C-8-802(f).
(b) Absent a breach of trust, a trustee is not liable for a loss or depreciation in the value of trust property or for not having made a profit. (2005-192, s. 2.)