{"data":{"id":"us-nc/n.c.-gen.-stat.-36c-8b-2","jurisdiction":"us-nc","citation":"N.C. Gen. Stat. § 36C-8B-2","heading":"Definitions.","body":"The following definitions apply to this Article, unless the context clearly requires otherwise:\n(1)\tAuthorized 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.\n(2)\tCurrent beneficiary. - A beneficiary that, on the date the beneficiary's qualification is determined, is a distributee or permissible distributee of trust income or principal.\n(3)\tDecanting 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.\n(4)\tFirst trust. - A trust over which an authorized fiduciary may exercise the decanting power.\n(5)\tSecond 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. (2017-121, s. 1.)","path":["Chapter 36C. North Carolina Uniform Trust Code.","Article 8B. North Carolina Uniform Trust Decanting Act."],"source_url":"https://www.ncleg.gov/EnactedLegislation/Statutes/HTML/BySection/Chapter_36C/GS_36C-8B-2.html","current_through":"S.L. 2026-30","vintage":"","retrieved_at":"2026-08-27T18:01:17Z","sha256":"be26da2c6e25b75e08c1e4bf9717b86e30c231513e36a5ae356f479d5cc84363","source_id":"us-nc","stale":false,"prev":"us-nc/n.c.-gen.-stat.-36c-8b-1","next":"us-nc/n.c.-gen.-stat.-36c-8b-3"},"notice":"GroundRules: Original legal text. Not legal advice."}