Section 36C-8B-2 - DefinitionsThe following definitions apply to this Article, unless the context clearly requires otherwise:
(1) Authorized fiduciary. - A trustee or other fiduciary, other than a settlor, that has discretion to distribute or direct a trustee to distribute part or all of the principal of the first trust to one or more current beneficiaries. The term also includes a special fiduciary appointed under G.S. 36C-8B-9 or a special-needs fiduciary under G.S. 36C-8B-13.(2) Current beneficiary. - A beneficiary that, on the date the beneficiary's qualification is determined, is a distributee or permissible distributee of trust income or principal.(3) Decanting power. - The power of an authorized fiduciary under this Article to distribute property of a first trust to one or more second trusts or to modify the terms of the first trust.(4) First trust. - A trust over which an authorized fiduciary may exercise the decanting power.(5) Second trust. - A first trust after modification pursuant to this Article or a trust to which a distribution of property from a first trust is or may be made pursuant to this Article.N.C. Gen. Stat. § 36C-8B-2
Added by 2017 N.C. Sess. Laws 121, s. 1, eff. 7/18/2017.