North Carolina General Statutes 36C-10-1005. Limitation of action against trustee
(a) No proceeding against a trustee for breach of trust may be commenced more than five years after the first to occur of: (i) the removal, resignation, or death of the trustee; (ii) the termination of the beneficiary‘s interest in the trust; or (iii) the termination of the trust.
(b) Except as provided in subsection (a) of this section, Chapter 1 of the N.C. Gen. Stat. governs the limitations of actions on judicial proceedings involving trusts. However, for purposes of those limitations both of the following apply:
(1) On the date that any limitation starts running as to a person with respect to a claim held by the person involving a trust, the limitation also shall start running as to all other persons the person would be entitled to represent under Article 3 of this Chapter, whether or not the person consented to serve as a representative.
Terms Used In North Carolina General Statutes 36C-10-1005
- 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
- following: when used by way of reference to any section of a statute, shall be construed to mean the section next preceding or next following that in which such reference is made; unless when some other section is expressly designated in such reference. See North Carolina General Statutes 12-3
- Trustee: A person or institution holding and administering property in trust.
(2) N.C. Gen. Stat. § 1-17 of the General Statutes shall not apply to toll the running of the limitation as to the persons described in subdivision (1) of this subsection. Those persons shall be treated as if they were under no disability on the date that the limitation starts running. (2005-192, s. 2; 2015-205, s. 6.)