32-56. Payment of compensation without court order.
The trustee is authorized to pay the compensation provided for in G.S. 32-54 without prior approval of the clerk of superior court only if:
(1) The annual amount of compensation does not exceed four-tenths of one percent (4/10 of 1%) of the principal value of the assets of the trust on the last day of the trust accounting year; or
(2) Notice has been given pursuant to G.S. 32-55 and no qualified beneficiary or representative of a qualified beneficiary has initiated a proceeding under G.S. 32-57 for review of the reasonableness of the compensation within 20 days after notice has been given by the trustee in accordance with G.S. 32-55. (2004-139, s. 2; 2007-106, s. 40.)
Structure North Carolina General Statutes
North Carolina General Statutes
Article 6 - Compensation of Trustees and Other Fiduciaries.
§ 32-54 - Compensation of trustees.
§ 32-56 - Payment of compensation without court order.
§ 32-57 - Judicial review; payment of compensation and other payments with court order.
§ 32-58 - Reimbursement for expenses incurred.
§ 32-59 - Compensation of other fiduciaries.
§ 32-60 - Effect of provisions in instrument.
§ 32-61 - Counsel fees allowable to attorneys serving as fiduciaries.