State Codes and Statutes

Statutes > North-carolina > Chapter_37A > GS_37A-1-104_8

§ 37A‑1‑104.8.  Noliability on part of trustee or disinterested person acting in good faith.

No trustee or disinterestedperson who in good faith takes or fails to take any action under this Partshall be liable to any person affected by the action or inaction, regardless ofwhether the person received written notice as provided in this Part andregardless of whether the person was under a legal disability at the time ofthe delivery of the notice. The exclusive remedy for any person affected by anaction or inaction shall be to obtain an order of the court directing thetrustee (i) to convert an income trust to a total return unitrust, (ii) toreconvert from a total return unitrust to an income trust, or (iii) to changethe percentage used to calculate the unitrust amount. (2003‑232, s. 2.)

State Codes and Statutes

Statutes > North-carolina > Chapter_37A > GS_37A-1-104_8

§ 37A‑1‑104.8.  Noliability on part of trustee or disinterested person acting in good faith.

No trustee or disinterestedperson who in good faith takes or fails to take any action under this Partshall be liable to any person affected by the action or inaction, regardless ofwhether the person received written notice as provided in this Part andregardless of whether the person was under a legal disability at the time ofthe delivery of the notice. The exclusive remedy for any person affected by anaction or inaction shall be to obtain an order of the court directing thetrustee (i) to convert an income trust to a total return unitrust, (ii) toreconvert from a total return unitrust to an income trust, or (iii) to changethe percentage used to calculate the unitrust amount. (2003‑232, s. 2.)


State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_37A > GS_37A-1-104_8

§ 37A‑1‑104.8.  Noliability on part of trustee or disinterested person acting in good faith.

No trustee or disinterestedperson who in good faith takes or fails to take any action under this Partshall be liable to any person affected by the action or inaction, regardless ofwhether the person received written notice as provided in this Part andregardless of whether the person was under a legal disability at the time ofthe delivery of the notice. The exclusive remedy for any person affected by anaction or inaction shall be to obtain an order of the court directing thetrustee (i) to convert an income trust to a total return unitrust, (ii) toreconvert from a total return unitrust to an income trust, or (iii) to changethe percentage used to calculate the unitrust amount. (2003‑232, s. 2.)

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