North Carolina General Statutes 36C-9-904. Duties at inception of trusteeship
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Terms Used In North Carolina General Statutes 36C-9-904
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Trustee: A person or institution holding and administering property in trust.
Within a reasonable time after accepting a trusteeship or receiving trust assets, a trustee shall review the trust assets and make and implement decisions concerning the retention and disposition of assets in order to bring the trust portfolio into compliance with the purposes, terms, distribution requirements, and other circumstances of the trust, and with the requirements of this Chapter. (1999-215, s. 1; 2005-192, s. 2.)