37A-1-104.24. Change or conversion of unitrust amount.
(a) The terms of the governing instrument of an express total return unitrust may provide the method similar to the method provided under G.S. 37A-1-104.2(a) for changing the unitrust percentage or for converting from a unitrust to an income trust or for a reconversion of an income trust to a unitrust, or for all of these actions.
(b) If the terms of the governing instrument of an express total return unitrust do not specifically or by reference to G.S. 37A-1-104.2 grant a power to the trustee to change the unitrust percentage or change to an income trust, the trustee shall not have that power. (2005-244, s. 6.)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 37A - Uniform Principal and Income Act
§ 37A-1-103 - Fiduciary duties; general principles.
§ 37A-1-104 - Trustee's power to adjust.
§ 37A-1-104.2 - Conversion in trustee's discretion without court approval.
§ 37A-1-104.3 - Conversion with court approval.
§ 37A-1-104.4 - Determination of unitrust amount.
§ 37A-1-104.5 - Matters in trustee's discretion.
§ 37A-1-104.6 - No effect on principal distributions.
§ 37A-1-104.8 - No liability on part of trustee or disinterested person acting in good faith.
§ 37A-1-104.9 - Applicability.
§ 37A-1-104.22 - Determination of unitrust amount.
§ 37A-1-104.23 - Effect of distribution of unitrust amount.
§ 37A-1-104.24 - Change or conversion of unitrust amount.
§ 37A-1-104.25 - Determination of character of unitrust amount.
§ 37A-1-104.26 - Unitrust amount in excess of a five percent payout.