37A-1-104.6. No effect on principal distributions.
Conversion to a total return unitrust under this Part shall not affect any other provision of the governing instrument, if any, regarding distributions of principal. For purposes of this Part, the distribution of a unitrust amount is considered a distribution of income and not of principal. (2003-232, s. 2.)
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.