§33B‑13. Declination, resignation, incapacity, death, or removal ofcustodial trustee; designation of successor custodial trustee.
(a) Before acceptingthe custodial trust property, a person designated as custodial trustee maydecline to serve by notifying the person who made the designation, thetransferor, or the transferor's legal representative. In such case, thetransferor or the transferor's legal representative may designate a substitutecustodial trustee. If the custodial trust is being created under G.S. 33B‑3,the substitute custodial trustee designated under G.S. 33B‑3 becomes thecustodial trustee, or, if a substitute custodial trustee has not beendesignated, the person who made the designation may designate a substitutecustodial trustee pursuant to G.S. 33B‑3.
(b) A custodial trusteewho has accepted the custodial trust property may resign by (i) deliveringwritten notice to a successor custodial trustee, if any, the beneficiary, and,if the beneficiary is incapacitated, to the beneficiary's guardian of theestate, if any, and (ii) transferring and, where appropriate, registering orrecording an instrument relating to the custodial trust property in the name ofthe successor custodial trustee identified under subsection (c) of thissection.
(c) If a custodialtrustee or successor custodial trustee is ineligible, resigns, dies, or becomesincapacitated, the successor designated under G.S. 33B‑2 or G.S. 33B‑3becomes custodial trustee. If there is no effective provision for a successor,the beneficiary, if not incapacitated, may designate a successor custodialtrustee; if the beneficiary fails to act within 90 days, the resigningcustodial trustee may designate a successor custodial trustee. If there is noeffective provision for a successor custodial trustee and if the beneficiary isincapacitated, the beneficiary's guardian of the estate becomes successorcustodial trustee. If the beneficiary does not have a guardian of the estate orthe guardian of the estate fails to act as custodial trustee, the resigningcustodial trustee may designate a successor custodial trustee.
(d) If a successorcustodial trustee is not designated pursuant to subsection (c) of this section,the following persons may in the order listed petition the court to designate asuccessor custodial trustee: the transferor, the legal representative of thetransferor, the legal representative of the custodial trustee, the generalguardian of the beneficiary, the guardian of the estate of the beneficiary, anadult member of the beneficiary's family, a person interested in the custodialtrust property, or a person interested in the welfare of the beneficiary.
(e) A custodial trusteewho declines to serve or resigns, or the legal representative of a deceased orincapacitated custodial trustee shall put the custodial trust property andrecords in the possession and control of the successor custodial trustee assoon as practical. The successor custodial trustee shall enforce the obligationto deliver custodial trust property and records.
(f) A beneficiary, thebeneficiary's guardian of the estate, an adult member of the beneficiary'sfamily, a guardian of the person of the beneficiary, a person interested in thecustodial trust property, or a person interested in the welfare of thebeneficiary, may petition the court (i) to remove the custodial trustee forcause and to designate a successor custodial trustee, (ii) to require thecustodial trustee to furnish a bond or other security for the faithfulperformance of fiduciary duties, or (iii) for other appropriate relief. (1995,c. 486, s. 1.)
§33B‑13. Declination, resignation, incapacity, death, or removal ofcustodial trustee; designation of successor custodial trustee.
(a) Before acceptingthe custodial trust property, a person designated as custodial trustee maydecline to serve by notifying the person who made the designation, thetransferor, or the transferor's legal representative. In such case, thetransferor or the transferor's legal representative may designate a substitutecustodial trustee. If the custodial trust is being created under G.S. 33B‑3,the substitute custodial trustee designated under G.S. 33B‑3 becomes thecustodial trustee, or, if a substitute custodial trustee has not beendesignated, the person who made the designation may designate a substitutecustodial trustee pursuant to G.S. 33B‑3.
(b) A custodial trusteewho has accepted the custodial trust property may resign by (i) deliveringwritten notice to a successor custodial trustee, if any, the beneficiary, and,if the beneficiary is incapacitated, to the beneficiary's guardian of theestate, if any, and (ii) transferring and, where appropriate, registering orrecording an instrument relating to the custodial trust property in the name ofthe successor custodial trustee identified under subsection (c) of thissection.
(c) If a custodialtrustee or successor custodial trustee is ineligible, resigns, dies, or becomesincapacitated, the successor designated under G.S. 33B‑2 or G.S. 33B‑3becomes custodial trustee. If there is no effective provision for a successor,the beneficiary, if not incapacitated, may designate a successor custodialtrustee; if the beneficiary fails to act within 90 days, the resigningcustodial trustee may designate a successor custodial trustee. If there is noeffective provision for a successor custodial trustee and if the beneficiary isincapacitated, the beneficiary's guardian of the estate becomes successorcustodial trustee. If the beneficiary does not have a guardian of the estate orthe guardian of the estate fails to act as custodial trustee, the resigningcustodial trustee may designate a successor custodial trustee.
(d) If a successorcustodial trustee is not designated pursuant to subsection (c) of this section,the following persons may in the order listed petition the court to designate asuccessor custodial trustee: the transferor, the legal representative of thetransferor, the legal representative of the custodial trustee, the generalguardian of the beneficiary, the guardian of the estate of the beneficiary, anadult member of the beneficiary's family, a person interested in the custodialtrust property, or a person interested in the welfare of the beneficiary.
(e) A custodial trusteewho declines to serve or resigns, or the legal representative of a deceased orincapacitated custodial trustee shall put the custodial trust property andrecords in the possession and control of the successor custodial trustee assoon as practical. The successor custodial trustee shall enforce the obligationto deliver custodial trust property and records.
(f) A beneficiary, thebeneficiary's guardian of the estate, an adult member of the beneficiary'sfamily, a guardian of the person of the beneficiary, a person interested in thecustodial trust property, or a person interested in the welfare of thebeneficiary, may petition the court (i) to remove the custodial trustee forcause and to designate a successor custodial trustee, (ii) to require thecustodial trustee to furnish a bond or other security for the faithfulperformance of fiduciary duties, or (iii) for other appropriate relief. (1995,c. 486, s. 1.)
§33B‑13. Declination, resignation, incapacity, death, or removal ofcustodial trustee; designation of successor custodial trustee.
(a) Before acceptingthe custodial trust property, a person designated as custodial trustee maydecline to serve by notifying the person who made the designation, thetransferor, or the transferor's legal representative. In such case, thetransferor or the transferor's legal representative may designate a substitutecustodial trustee. If the custodial trust is being created under G.S. 33B‑3,the substitute custodial trustee designated under G.S. 33B‑3 becomes thecustodial trustee, or, if a substitute custodial trustee has not beendesignated, the person who made the designation may designate a substitutecustodial trustee pursuant to G.S. 33B‑3.
(b) A custodial trusteewho has accepted the custodial trust property may resign by (i) deliveringwritten notice to a successor custodial trustee, if any, the beneficiary, and,if the beneficiary is incapacitated, to the beneficiary's guardian of theestate, if any, and (ii) transferring and, where appropriate, registering orrecording an instrument relating to the custodial trust property in the name ofthe successor custodial trustee identified under subsection (c) of thissection.
(c) If a custodialtrustee or successor custodial trustee is ineligible, resigns, dies, or becomesincapacitated, the successor designated under G.S. 33B‑2 or G.S. 33B‑3becomes custodial trustee. If there is no effective provision for a successor,the beneficiary, if not incapacitated, may designate a successor custodialtrustee; if the beneficiary fails to act within 90 days, the resigningcustodial trustee may designate a successor custodial trustee. If there is noeffective provision for a successor custodial trustee and if the beneficiary isincapacitated, the beneficiary's guardian of the estate becomes successorcustodial trustee. If the beneficiary does not have a guardian of the estate orthe guardian of the estate fails to act as custodial trustee, the resigningcustodial trustee may designate a successor custodial trustee.
(d) If a successorcustodial trustee is not designated pursuant to subsection (c) of this section,the following persons may in the order listed petition the court to designate asuccessor custodial trustee: the transferor, the legal representative of thetransferor, the legal representative of the custodial trustee, the generalguardian of the beneficiary, the guardian of the estate of the beneficiary, anadult member of the beneficiary's family, a person interested in the custodialtrust property, or a person interested in the welfare of the beneficiary.
(e) A custodial trusteewho declines to serve or resigns, or the legal representative of a deceased orincapacitated custodial trustee shall put the custodial trust property andrecords in the possession and control of the successor custodial trustee assoon as practical. The successor custodial trustee shall enforce the obligationto deliver custodial trust property and records.
(f) A beneficiary, thebeneficiary's guardian of the estate, an adult member of the beneficiary'sfamily, a guardian of the person of the beneficiary, a person interested in thecustodial trust property, or a person interested in the welfare of thebeneficiary, may petition the court (i) to remove the custodial trustee forcause and to designate a successor custodial trustee, (ii) to require thecustodial trustee to furnish a bond or other security for the faithfulperformance of fiduciary duties, or (iii) for other appropriate relief. (1995,c. 486, s. 1.)
