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Current as of January 01, 2023 | Updated by Findlaw Staff
(a) A person designated as a power holder accepts the appointment to serve as a power holder:
(1) By substantially complying with a method of acceptance provided in the terms of a trust; or
(2) If the terms of a trust do not provide a method or the method provided in the terms of a trust is not expressly made exclusive, by exercising powers or performing duties as a power holder or otherwise indicating acceptance of the appointment to serve as a power holder.
(b) A person designated as a power holder may reject the appointment to serve as a power holder. A trustee may give written notice to a power holder requesting acceptance of the appointment as power holder. A power holder who does not accept such appointment within 120 days after receipt of such notice is considered to have rejected the appointment to serve as a power holder.
Cite this article: FindLaw.com - North Carolina General Statutes Chapter 36C. North Carolina Uniform Trust Code § 36C-8A-7. Accepting or declining the appointment as power holder - last updated January 01, 2023 | https://codes.findlaw.com/nc/chapter-36c-north-carolina-uniform-trust-code/nc-gen-st-sect-36c-8a-7/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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