N.C. Gen. Stat. » Chapter 32
NC General Statutes

N.C. Gen. Stat. § 32-2 (2026)

Definition of terms

✓ current as of July 2026
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(a) In this Article unless the context or subject matter otherwise requires:

"Bank" includes any person or association of persons, whether incorporated or not, carrying on the business of banking.

"Fiduciary" includes a trustee under any trust, expressed, implied, resulting or constructive, executor, administrator, guardian, conservator, curator, receiver, trustee in bankruptcy, assignee for the benefit of creditors, partner, agent, officer of a corporation, public or private, public officer, or any other person acting in a fiduciary capacity for any person, trust or estate.

"Person" includes a corporation, partnership, or other association, or two or more persons having a joint or common interest.

"Principal" includes any person to whom a fiduciary as such owes an obligation.

(b) A thing is done "in good faith" within the meaning of this Article when it is in fact done honestly, whether it be done negligently or not. (1923, c. 85, s. 1; C.S., s. 1864(e); 1965, c. 628, s. 2.)

 

Notes of Decisions
Cited in 18 cases (1 in the last 5 years), 1961–2021 · leading case: Matthews v. Watkins, 373 S.E.2d 133 (N.C. Ct. App. 1988).
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Matthews v. Watkins, 373 S.E.2d 133 (N.C. Ct. App. 1988). · cites it 6× “2d 801 (1987); N.C.G.S. § 32-2(a) (1984). As such, an executor must act in good faith and may never paramount his own personal interest over the interest of those for whom he has chosen to act.”
Carolina Photography, Inc. v. Hinton, 674 S.E.2d 724 (N.C. Ct. App. 2009). · cites it 5× “” Subsection (B) provides, in pertinent part: Gross receipts from sales of photographs including all charges for developing or printing by commercial or portrait photographers or others are subject to the general rate of State tax and any applicable local sales or use tax.”
Lee v. Crosswhite (In Re Crosswhite), 91 B.R. 156 (Bankr. M.D. Fla. 1988). · cites it 2× “Furthermore, N.C. Gen. Stat. § 32-2 entitled “Definitions of Terms” included in the North Carolina Uniform Fiduciaries Act states in part: .”
Culton v. Culton, 386 S.E.2d 592 (N.C. Ct. App. 1989). · cites it 6× “" The predecessor to Chapter 35A, N.C.G.S. § 32-2, as in effect when both Rutledge and Sheppard were decided, did not hold itself out *593 as the exclusive procedure for adjudicating a person incompetent.”
Moore v. Bryson, 181 S.E.2d 113 (N.C. Ct. App. 1971). · cites it 3× “, generally attended to the payment of taxes on the property devised under the Residuary Clause of the Will; negotiated with the State Highway Commission for a right-of-way over the property; made inquiries as to the possible purchase of adjoining property; on occasions, advised…”
Edwards v. Nw. Bank, 250 S.E.2d 651 (N.C. Ct. App. 1979). “G.S. 32-2(b) does, however, provide that “[a] thing is done ‘in good faith’ within the meaning of this Article when it is in fact done honestly, whether it be done negligently or not.”
Williams v. Randolph, 380 S.E.2d 553 (N.C. Ct. App. 1989). · cites it 2× “The word “fiduciary” is defined three times in Chapter 32, G.S. 32-2, G.S. 32-14(4) and G.S. 32-25. Therefore, plaintiffs argument that the definition of fiduciary in G.”
Matter of Est. of Armfield, 439 S.E.2d 216 (N.C. Ct. App. 1994). · cites it 2× “N.C. Gen. Stat. §§ 32-2 (1991) and 36A-1(a) (1991); Moore, supra.”
Heinitsh v. Wachovia Bank, Nat. Ass'n, 665 S.E.2d 541 (N.C. Ct. App. 2008). · cites it 2× “N.C. Gen.Stat. § 32-2 (2007) ("fiduciary" includes a trustee under any trust); see also In re Testamentary Tr.”
In Re Se. Eye Ctr. (Old Battleground v. Ccsea), 2019 NCBC 28 (N.C. Bus. Ct. 2019). · cites it 2× “The Receiver also contends that Doug Harris’s argument ignores the multiple transactions Doug Harris brought JDPW into despite clear conflicts of interest on his part.”
Fortune v. First Union Nat'l Bank, 359 S.E.2d 801 (N.C. Ct. App. 1987). “28A-13-10(c) provides that an executor of an estate is liable: [F]or any loss to the estate arising from his failure to act in good faith and with such care, foresight and diligence as an ordinarily reasonable and prudent man would act with his own property under like…”
Allen v. Currie, 119 S.E.2d 917 (N.C. 1961). “” G.S. 32-2; G.S. 105-163.1(8). An executor’s fiduciary obligation is to pay the decedent’s debts as provided by law and to administer *640 the estate in compliance with the provisions of the decedent’s will.”
Show all 18 citing cases →
— N.C. Gen. Stat. § 32-2(B) — 1 case
Carolina Photography, Inc. v. Hinton, 674 S.E.2d 724 (N.C. Ct. App. 2009). “” Subsection (B) provides, in pertinent part: Gross receipts from sales of photographs including all charges for developing or printing by commercial or portrait photographers or others are subject to the general rate of State tax and any applicable local sales or use tax.”
— N.C. Gen. Stat. § 32-2(a) — 5 cases
Matthews v. Watkins, 373 S.E.2d 133 (N.C. Ct. App. 1988). “2d 801 (1987); N.C.G.S. § 32-2(a) (1984). As such, an executor must act in good faith and may never paramount his own personal interest over the interest of those for whom he has chosen to act.”
Moore v. Bryson, 181 S.E.2d 113 (N.C. Ct. App. 1971). “, generally attended to the payment of taxes on the property devised under the Residuary Clause of the Will; negotiated with the State Highway Commission for a right-of-way over the property; made inquiries as to the possible purchase of adjoining property; on occasions, advised…”
Global Promotions Grp., Inc. v. Danas Inc., 2012 NCBC 38 (N.C. Bus. Ct. 2012).
In Re Se. Eye Ctr. (Pending Matters), 2021 Ncbc 27a (N.C. Bus. Ct. 2021).
Edwards v. Vanguard Fiduciary Tr. Co., 2018 NCBC 135 (N.C. Bus. Ct. 2018).
— N.C. Gen. Stat. § 32-2(b) — 2 cases
Edwards v. Nw. Bank, 250 S.E.2d 651 (N.C. Ct. App. 1979). “G.S. 32-2(b) does, however, provide that “[a] thing is done ‘in good faith’ within the meaning of this Article when it is in fact done honestly, whether it be done negligently or not.”
Global Promotions Grp., Inc. v. Danas Inc., 2012 NCBC 38 (N.C. Bus. Ct. 2012).
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