GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1997

H	2 

HOUSE BILL 333
Committee Substitute Favorable 4/16/97

Short Title:  Clarify Atty-In-Fact Gifts.	(Public)

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Sponsors:

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Referred to:  

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February 26, 1997

A BILL TO BE ENTITLED
AN ACT TO CLARIFY THE CIRCUMSTANCES UNDER WHICH AN ATTORNEY-IN-FACT MAY MAKE GIFTS.
The General Assembly of North Carolina enacts:
Section 1.  G.S. 32A-2(14) reads as rewritten:
"(14)	Gifts to Charities, and to Individuals Other Than the Attorney-In-Fact. – 
a.	Except as provided in G.S. 32A-2(14)b., to make gifts of any of the principal's property to any individual other than the attorney-in-fact or to any organization described in sections 170(c) and 2522(a) of the Internal Revenue Code or corresponding future provisions of federal tax law, or both, in accordance with the principal's personal history of making or joining in the making of lifetime gifts. As used in this subdivision ‘Internal Revenue Code' means the ‘Code' as defined in G.S. 105-2.1.
b.	Except as provided in G.S. 32A-2(14)c., or unless gifts are expressly authorized by the power of attorney under G.S. 32A-2(15), a power described in G.S. 32A-2(14)a. may not be exercised by the attorney-in-fact in favor of the attorney-in-fact or the estate, creditors, or creditors of the estate of the attorney-in-fact.
c.	If the power described in G.S. 32A-2(14)a. is conferred upon two or more attorneys-in-fact, it may be exercised by the attorney-in-fact or attorneys-in-fact who are not disqualified by G.S. 32A-2(14)b. from exercising the power of appointment as if they were the only attorney-in-fact or attorneys-in-fact.
d.	An attorney-in-fact expressly authorized by this section to make gifts of the principal's property may elect to request the clerk of the superior court to issue an order to make a gift of the property of the principal."
Section 2. G.S. 32A-2(15) reads as rewritten:
"(15)	Gifts to the Named Attorney-In-Fact. – To make gifts to the attorney-in-fact named in the power of attorney or the estate, creditors, or creditors of the estate of the attorney-in-fact, in accordance with the principal's personal history of making or joining in the making of lifetime gifts."
Section 3.  Section 1 of this act becomes effective July 1, 1997, and applies to all powers of attorney executed on or after October 1, 1995.  Section 2 of this act becomes effective October 1, 1997, and applies to all powers of attorney executed on or after that date.  Section 3 of this act is effective when it becomes law.