North Carolina General Statutes 53-424. Construction
Terms Used In North Carolina General Statutes 53-424
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Fiduciary: A trustee, executor, or administrator.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
(a) Except as expressly provided in this Part, nothing in this Part shall be construed to amend or modify the laws of this State governing the establishment or administration of accounts or the actions of trust institutions.
(b) An affiliate transfer is not, in itself, a transfer of substantially all of the transferring trust institution’s assets and liabilities.
(c) Except as explicitly provided by the documents governing the account, neither an affiliate transfer nor an agency appointment under N.C. Gen. Stat. § 53-423 shall be subject to any provision of law requiring court approval for removal of fiduciary funds from this State.
(d) Except as explicitly provided by the documents governing the account, an affiliate transfer, but not an agency appointment, shall be subject to any provision of law requiring notice of a transfer of the principal place of administration of the account. The manner or timing of a notice required under N.C. Gen. Stat. § 53-420(c) may be altered to comport with any provision of law requiring notice of a transfer of the principal place of administration of the account. (2005-274, ss. 2, 3.)