North Carolina § 36C-4-418 - Distribution upon termination of trust.

§ 36C-4-418. Distribution upon termination of trust.

Upon termination of a trust under G.S. 36C-4-411(a) , the trustee shall distribute the trust property as agreed by the beneficiaries. Upon termination of a trust under G.S. 36C-4-411(b) or (c), the trustee shall distribute the trust property in accordance with the order entered by the court. Upon termination of a trust under G.S. 36C-4-412(a) or G.S. 36C-4-414 , the trustee shall distribute the trust property in a manner consistent with the purposes of the trust. History (1999-266, s. 2; 2005-192, s. 2; 2007-106, s. 18.) NORTH CAROLINA COMMENT This section, not a part of the Uniform Trust Code, was added by the drafters to cover in one section the distribution of property upon termination of the trust. The first sentence of the section contains the provisions of sections 411(c), 412(c) and 414(c) of the Uniform Trust Code regarding the persons to whom distribution of such property is to be made. The remainder of the section brings forward the provisions of former G.S. 36A-125.10 regarding the manner in which distribution may be made if minors or incompetents become entitled to trust property upon termination of a trust. It does not authorize other methods of distributions on behalf of a minor or incompetent that are permitted under G.S. 36C-8-816(21) . SUPPLEMENTAL NORTH CAROLINA COMMENT (2007) Effective October 1, 2007, this section is amended (i) to clarify the manner in which trust property is to be distributed upon termination of the trust pursuant to specific sections of Article 4 of Chapter 36C , and (ii) to delete the provisions concerning distributions of property distributable to a minor or incompetent because the same provisions appear in substance in G.S. 36C-8-816(21) . Editor's Note. - Session Laws 2007-106, s. 55, provides: "The Revisor of Statutes shall cause to be printed all explanatory comments of the drafters of this act, or revisions to existing explanatory comments of the drafters of this act, as the Revisor may deem appropriate." Effect of Amendments. - Session Laws 2007-106, s. 18, effective October 1, 2007, rewrote the section. See Editor's note for applicability.