North Carolina § 36C-8A-8 - Vacancy in the office of the power holder.

§ 36C-8A-8. Vacancy in the office of the power holder.

If a vacancy occurs in the office of the power holder because the power holder fails or ceases to act for any reason, all of the following apply: If one or more power holders remain in office, a vacancy in the office of the power holder need not be filled. If the terms of the trust provide for a successor to the power holder, the person designated by the terms of the trust or appointed under the terms of the trust shall act as the successor power holder. During the time when a vacancy occurs, the trustee shall be vested with any fiduciary power or duty conferred upon the power holder by the terms of the trust that are described in G.S. 36C-8A-2(a). The court may appoint a power holder whenever the court considers the appointment necessary for the administration of the trust. A successor power holder shall succeed to all the powers and is subject to the duties and liabilities that were imposed upon the original power holder, unless a contrary intent appears from the governing instrument. History (2012-18, s. 3.4; 2021-85, s. 2(c).) Editor's Note. - 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.