§ 36C-8A-7. Accepting or declining the appointment as power holder.

163 words·~1 min read·/nc/chapter-36c/36c-8a-7

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(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. (2012-18, s. 3.4.)