North Carolina § 36C-8A-1 - "Power holder" defined.

§ 36C-8A-1. "Power holder" defined.

For purposes of this Article: The term "power holder" means a person described in subdivision (2) of this subsection that under the terms of a trust has the power to take certain actions with respect to a trust and that is not any of the following: A trustee. A settlor with a power to direct or consent pursuant to G.S. 36C-8-808. A person in which a donor creates a power of appointment. A person that has authority to consent to the exercise of a power of appointment. A beneficiary with a power over a trust to the extent the exercise or nonexercise of the power affects the beneficial interest of the beneficiary or another beneficiary represented by a beneficiary under G.S. 36C-3-301 through G.S. 36C-3-305 with respect to the exercise or nonexercise of the power. A power holder may be any of the following: One or more individuals. One or more other persons each of which is qualified to exercise trust powers in this State. Any combination of the persons described in sub-subdivisions a. and b. of this subdivision. A person is a power holder whether or not the terms of a trust refer to the person as a power holder and, except as otherwise provided in sub-subdivisions (a)(1)b. and e. of this section, whether or not the person is a beneficiary or settlor of the trust. History (2012-18, s. 3.4; 2021-85, s. 2(c).) Editor's Note. - Session Laws 2012-18, s. 3.4, enacted this Article as G.S. 36C-8A-801 through G.S. 36C-8A-811. The sections in this Article have been renumbered as G.S. 36C-8A-1 through G.S. 36C-8A-11 at the direction of the Revisor of Statutes. Session Laws 2021-85, s. 2(d), provides: "The Revisor of Statutes shall cause to be printed, as annotations to the published General Statutes, all explanatory comments of the drafters of this section as the Revisor may deem appropriate.” Session Laws 2021-85, s. 2(e), made the rewriting of this section by Session Laws 2021-85, s. 2(c), effective July 8, 2021, and applicable to trusts created before, on, or after that date. Effect of Amendments. - Session Laws 2021-85, s. 2(c), rewrote the section. For effective date and applicability, see editor's note.