NORTH CAROLINA GENERAL ASSEMBLY

1965 SESSION

 

 

CHAPTER 1177

SENATE BILL 492

 

 

AN ACT TO AMEND G.S. 36-17 AND G.S. 36-18.1 TO PROVIDE FOR APPOINTMENT OF A SUCCESSOR TRUSTEE TO SERVE WITHOUT BOND UPON COURT APPROVAL.

 

The General Assembly of North Carolina do enact:

Section 1.  G.S. 36-17 is amended by substituting a semicolon for the period at the end of the first sentence thereof, following the word "hands", and adding the following language: "provided, that where by the terms of the will or trust agreement the trustee who has resigned was not required to give bond and did not give bond and an intent therein is expressed by the testator or settlor that a successor trustee shall serve without bond, the Clerk, with the approval of the Judge, upon the petition of any party in interest, may waive the requirement of a bond for the successor trustee and permit said successor trustee to serve without bond."

Sec. 2.  G.S. 36-18.1 is amended by substituting a semicolon for the period at the end of the fifth sentence thereof, following the words "G.S. 36-17", and adding the following language: "provided, that where by the terms of the instrument upon which the deceased or incapacitated trustee claimed, said trustee was not required to give bond and did not give bond and an intent therein is expressed by the testator or settlor that a successor trustee shall serve without bond, the requirement of a bond for the successor trustee may be waived as provided in G.S. 36-17."

Sec. 3.  All laws and clauses of laws in conflict with this Act are hereby repealed.

Sec. 4.  This Act shall become effective upon its ratification.

In the General Assembly read three times and ratified, this the 17th day of June, 1965.