North Carolina General Statutes 37A-5-501. Disbursements from income
A trustee shall make the following disbursements from income to the extent that they are not disbursements to which N.C. Gen. Stat. § 37A-2-201(2)b. or N.C. Gen. Stat. § 37A-2-201(2)c. applies:
(1) One-half of the regular compensation of the trustee and of any person providing investment advisory or custodial services to the trustee;
Terms Used In North Carolina General Statutes 37A-5-501
- 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
- property: shall include all property, both real and personal. See North Carolina General Statutes 12-3
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- Trustee: A person or institution holding and administering property in trust.
(2) One-half of all expenses for accountings, judicial proceedings, or other matters that involve both the income and remainder interests;
(3) All of the other ordinary expenses incurred in connection with the administration, management, or preservation of trust property and the distribution of income, including interest, ordinary repairs, regularly recurring taxes assessed against principal, and expenses of a proceeding or other matter that concerns primarily the income interest; and
(4) Recurring premiums on insurance covering the loss of a principal asset or the loss of income from or use of the asset. (2003-232, s. 2.)