NORTH CAROLINA GENERAL ASSEMBLY

1965 SESSION

 

 

CHAPTER 764

SENATE BILL 222

 

 

AN ACT TO REGULATE DISTRIBUTION OF ASSETS IN KIND IN SATISFACTION OF PECUNIARY BEQUESTS AND TRANSFERS IN TRUST FOR SURVIVING SPOUSE.

 

The General Assembly of North Carolina do enact:

 

Section 1.  Whenever under any will or trust indenture the executor, trustee or other fiduciary is required to, or has an option to, satisfy a bequest or transfer in trust to or for the benefit of the surviving spouse of a decedent by a transfer of assets of the estate or trust in kind at the values as finally determined for federal estate tax purposes, the executor, trustee or other fiduciary shall, in the absence of contrary provisions in such will or trust indenture, be required to satisfy such bequest or transfer by the distribution of assets fairly representative of the appreciation or depreciation in the value of all property available for distribution in satisfaction of such bequest or transfer.

Sec. 1 ½.  The provisions of Section 1 shall apply to wills probated after June 1, 1965, and trust indentures created after June 1, 1965.

Sec. 2.  All laws and clauses of laws in conflict with this Act are hereby repealed.

Sec. 3.  This Act shall take effect and be in force from and after its ratification.

In the General Assembly read three times and ratified, this the 2nd day of June, 1965.