§ 36C-4-409. Noncharitable trust without ascertainable beneficiary.
§ 36C‑4‑409. Noncharitable trust without ascertainable beneficiary.
Except as otherwise providedin G.S. 36C‑4‑408 or by another statute, the following rules apply:
(1) A trust may becreated for a noncharitable purpose without a definite or definitely ascertainablebeneficiary or for a noncharitable but otherwise valid purpose to be selectedby the trustee. The trust may not be enforced for more than 21 years. If thetrust is still in existence after 21 years, the trust shall terminate. Theunexpended trust property shall be transferred in the following order:
a. As directed in thetrust instrument.
b. If the trust wascreated in a preresiduary clause in the settlor's will or in a codicil to thesettlor's will, under the residuary clause in the settlor's will.
c. If no taker isproduced by the application of sub‑subdivisions a. or b. of thissubdivision, to the settlor, if then living, otherwise to the settlor's heirsas determined under Chapter 29 of the General Statutes as of the date of thesettlor's death.
(2) A trust authorizedby this section may be enforced by a person appointed in the terms of the trustor, if no person is so appointed, by a person appointed by the court.
(3) Property of a trustauthorized by this section may be applied only to its intended use, except tothe extent that the court determines that the value of the trust propertyexceeds the amount required for the intended use. The property not required forthe intended use shall be distributed under subdivision (1) of this section.
(4) Notwithstandingsubdivisions (1) through (3) of this section, a trust, contract, or otherarrangement to provide for the care of a cemetery lot, grave, crypt, niche,mausoleum, columbarium, grave marker, or monument is valid without regard toremoteness of vesting, duration of the arrangement, or lack of definitebeneficiaries to enforce the trust, provided that the trust, contract, or otherarrangement meets the requirements of G.S. 28A‑19‑10, Article 4 ofChapter 65 of the General Statutes, Article 9 of Chapter 65 of the GeneralStatutes, or other applicable law. This section does not repeal or supersedeG.S. 36C‑4‑413. (1995, c. 225, s. 1; 2005‑192, s. 2; 2007‑106,s. 15.)