§ 32-56. Payment of compensation without court order.
§ 32‑56. Payment ofcompensation without court order.
The trustee is authorized topay the compensation provided for in G.S. 32‑54 without prior approval ofthe clerk of superior court only if:
(1)Â Â Â Â Â Â Â The annual amount ofcompensation does not exceed four‑tenths of one percent (4/10 of 1%) ofthe principal value of the assets of the trust on the last day of the trustaccounting year; or
(2)Â Â Â Â Â Â Â Notice has beengiven pursuant to G.S. 32‑55 and no qualified beneficiary orrepresentative of a qualified beneficiary has initiated a proceeding under G.S.32‑57 for review of the reasonableness of the compensation within 20 daysafter notice has been given by the trustee in accordance with G.S. 32‑55.(2004‑139,s. 2; 2007‑106, s. 40.)