North Carolina § 32C-2-211 - Estates, trusts, and other beneficial interests.

§ 32C-2-211. Estates, trusts, and other beneficial interests.

In this section, the term "estate, trust, or other beneficial interest" means a trust, probate estate, guardianship, conservatorship, escrow, or custodianship or a fund from which the principal is, may become, or claims to be, entitled to a share or payment. Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to estates, trusts, and other beneficial interests authorizes the agent to do all of the following: Accept, receive, receipt for, sell, assign, pledge, or exchange a share in or payment from an estate, trust, or other beneficial interest. Demand or obtain money or another thing of value to which the principal is, may become, or claims to be, entitled by reason of an estate, trust, or other beneficial interest, by litigation or otherwise. Exercise for the benefit of the principal a presently exercisable general power of appointment held by the principal. Initiate, participate in, submit to alternative dispute resolution, settle, oppose, or propose or accept a compromise with respect to litigation to ascertain the meaning, validity, or effect of a deed, will, declaration of trust, or other instrument or transaction affecting the interest of the principal. Initiate, participate in, submit to alternative dispute resolution, settle, oppose, or propose or accept a compromise with respect to litigation to remove, substitute, or surcharge a fiduciary. Conserve, invest, disburse, or use anything received for an authorized purpose. Transfer an interest of the principal in real property, stocks and bonds, accounts with financial institutions or securities intermediaries, insurance, annuities, and other property to the trustee of a revocable trust created by the principal as settlor. History (2017-153, s. 1.) NORTH CAROLINA COMMENT This section is somewhat similar to, but more comprehensive than, the powers concerning estates defined in former G.S. 32A-2(8) that could be incorporated by reference in the Statutory Short Form Power of Attorney pursuant to former G.S. 32A-1 although the powers described in G.S. 32A-2(8) encompassed only estates and not trusts and other beneficial interests. This section modified Section 211 of the Uniform Power of Attorney Act by omitting subdivision (b)(8) granting the general authority to an agent to "reject, renounce, disclaim, release or consent to a reduction in or modification of a share in or payment from an estate, trust or other beneficial interest." The drafters concluded that this subdivision could be erroneously interpreted as constituting the express grant of authority to "renounce or disclaim property, including a power of appointment" required by G.S. 32C-2-201(a)(1)g. Editor's Note. - Session Laws 2017-153, s. 3, provides, in part: "The Revisor of Statutes shall cause to be printed, as annotations to the published General Statutes, all relevant portions of the Official Comments to the Uniform Power of Attorney Act (2006) and all explanatory comments of the drafters of this act as the Revisor may deem appropriate."