State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_32 > GS_32-55

§ 32‑55.  Notice.

(a)        If the terms of thetrust do not specify the trustee's compensation, the trustee may, in thetrustee's discretion, give written notice to all qualified beneficiaries ofeach proposed payment of compensation if the annual amount of compensationexceeds four‑tenths of one percent (4/10 of 1%) of the principal value ofthe assets of the trust on the last day of the trust accounting year. Thenotice shall contain a statement that the qualified beneficiaries have 20 daysfrom when notice is given to file a proceeding for review of the reasonablenessof the compensation with the clerk of superior court in accordance with Article2 of Chapter 36C of the General Statutes.

(b)        In lieu of givingwritten notice of each proposed payment of compensation under subsection (a) ofthis section, the trustee may give written notice to all qualifiedbeneficiaries of the amount of compensation to be paid to the trustee on aperiodic basis or of the method of computation of the compensation. The trusteeshall not be required to give additional notice to the qualified beneficiariesunless the amount to be paid to the trustee on a periodic basis or the methodof computation of the compensation changes.

(c)        If a qualifiedbeneficiary is under a legal disability, notice shall be given to therepresentative of the beneficiary. If a representative of a qualifiedbeneficiary is not available without court order, notice shall be deemed givenunder this section if there is at least (i) one qualified beneficiary describedin G.S. 36C‑1‑103(15) a. or b. who is not under a legal disabilityor a representative of a qualified beneficiary so described; and (ii) onequalified beneficiary described in G.S. 36C‑1‑103(15)c. who is notunder a legal disability or a representative of a qualified beneficiary sodescribed.

(d)        The provisions ofG.S. 36C‑1‑109 regarding notices to persons under Chapter 36C ofthe General Statutes shall apply for purposes of notices under this Article. (2004‑139, s. 2; 2006‑259,s. 13(m); 2007‑106, s. 39.)