§ 37A-1-104.5. Matters in trustee's discretion. - North Carolina Statutes - USA Laws Searching

Statutes > North Carolina Statutes > Chapter 37A - Uniform Principal and Income Act. > § 37A-1-104.5. Matters in trustee's discretion.

§ 37A-1-104.5. Matters in trustee's discretion.

§ 37A‑1‑104.5. Matters in trustee's discretion.

In administering a totalreturn unitrust, the trustee may, in its sole discretion but subject to theprovisions of the governing instrument, determine:

(1)        The effective dateof the conversion;

(2)        The timing ofdistributions, including provisions for prorating a distribution for a shortyear in which a beneficiary's right to payments commences or ceases;

(3)        Whetherdistributions are to be made in cash or in kind or partly in cash and partly inkind;

(4)        If the trust isreconverted to an income trust, the effective date of the reconversion; and

(5)        Any otheradministrative issues as may be necessary or appropriate to carry out thepurposes of this Part. (2003‑232, s. 2.)