North Carolina General Statutes 36C-6-607. Modification or termination of a revocable trust
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Terms Used In North Carolina General Statutes 36C-6-607
- Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
- Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
(a) A revocable trust may be modified or terminated by the court pursuant to any of the methods for modification or termination of an irrevocable trust set forth in N.C. Gen. Stat. § 36C-4-411(b) or (c), 36C-4-412, 36C-4-415, or 36C-4-416.
(b) The settlor is a necessary party to any proceeding brought to modify or terminate a revocable trust. (2007-106, s. 26.1.)