State Codes and Statutes

Statutes > North-carolina > Chapter_37A > GS_37A-4-413

§ 37A‑4‑413. Property not productive of income.

(a)        If a maritaldeduction is allowed for all or part of a trust whose assets consistsubstantially of property that does not provide the spouse with sufficientincome from or use of the trust assets, and if the amounts that the trusteetransfers from principal to income under G.S. 37A‑1‑104 anddistributes to the spouse from principal under the terms of the trust areinsufficient to provide the spouse with the beneficial enjoyment required toobtain the marital deduction, the spouse may require the trustee to makeproperty productive of income, convert property within a reasonable time, orexercise the power conferred by G.S. 37A‑1‑104(a). The trustee maydecide which action or combination of actions to take.

(b)        In cases notgoverned by subsection (a) of this section, proceeds from the sale or otherdisposition of an asset are principal without regard to the amount of incomethe asset produces during any accounting period. (2003‑232, s. 2.)

State Codes and Statutes

Statutes > North-carolina > Chapter_37A > GS_37A-4-413

§ 37A‑4‑413. Property not productive of income.

(a)        If a maritaldeduction is allowed for all or part of a trust whose assets consistsubstantially of property that does not provide the spouse with sufficientincome from or use of the trust assets, and if the amounts that the trusteetransfers from principal to income under G.S. 37A‑1‑104 anddistributes to the spouse from principal under the terms of the trust areinsufficient to provide the spouse with the beneficial enjoyment required toobtain the marital deduction, the spouse may require the trustee to makeproperty productive of income, convert property within a reasonable time, orexercise the power conferred by G.S. 37A‑1‑104(a). The trustee maydecide which action or combination of actions to take.

(b)        In cases notgoverned by subsection (a) of this section, proceeds from the sale or otherdisposition of an asset are principal without regard to the amount of incomethe asset produces during any accounting period. (2003‑232, s. 2.)


State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_37A > GS_37A-4-413

§ 37A‑4‑413. Property not productive of income.

(a)        If a maritaldeduction is allowed for all or part of a trust whose assets consistsubstantially of property that does not provide the spouse with sufficientincome from or use of the trust assets, and if the amounts that the trusteetransfers from principal to income under G.S. 37A‑1‑104 anddistributes to the spouse from principal under the terms of the trust areinsufficient to provide the spouse with the beneficial enjoyment required toobtain the marital deduction, the spouse may require the trustee to makeproperty productive of income, convert property within a reasonable time, orexercise the power conferred by G.S. 37A‑1‑104(a). The trustee maydecide which action or combination of actions to take.

(b)        In cases notgoverned by subsection (a) of this section, proceeds from the sale or otherdisposition of an asset are principal without regard to the amount of incomethe asset produces during any accounting period. (2003‑232, s. 2.)

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