State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-424

§ 53‑424.  Construction.

(a)        Except as expresslyprovided in this Part, nothing in this Part shall be construed to amend ormodify the laws of this State governing the establishment or administration ofaccounts or the actions of trust institutions.

(b)        An affiliatetransfer is not, in itself, a transfer of substantially all of the transferringtrust institution's assets and liabilities.

(c)        Except asexplicitly provided by the documents governing the account, neither anaffiliate transfer nor an agency appointment under G.S. 53‑423 shall besubject to any provision of law requiring court approval for removal offiduciary funds from this State.

(d)        Except asexplicitly provided by the documents governing the account, an affiliatetransfer, but not an agency appointment, shall be subject to any provision oflaw requiring notice of a transfer of the principal place of administration ofthe account. The manner or timing of a notice required under G.S. 53‑420(c)may be altered to comport with any provision of law requiring notice of atransfer of the principal place of administration of the account. (2005‑274, ss. 2, 3.)