So...looks like if the gov signs HB 650 that trusts are no longer in question. If the ATF approves your Form 1 or 4 you're good to go:
(5) Persons who lawfully possess or own a weapon as defined in subsection (c) of this section in compliance with 26 U.S.C. Chapter 53, §§ 5801‑5871. Nothing in this subdivision shall limit the discretion of the sheriff in executing the paperwork required by the United States Bureau of Alcohol, Tobacco and Firearms for such person to obtain the weapon."
And explanation if you don't like legal terminology:
These two sections together re-write the strangely titled “Weapons of Mass Death and Destruction” law in NC. They make it clear that so long as you own the weapon in accordance with the applicable Federal Law, you can own NFA items here in NC. This will prevent annoying Sheriffs from trying to prosecute you for owning a NFA item with a Trust instead of by getting the Chief Law Enforcement Officer sign off, which your Sheriff wasn’t going to give you anyway.
(5) Persons who lawfully possess or own a weapon as defined in subsection (c) of this section in compliance with 26 U.S.C. Chapter 53, §§ 5801‑5871. Nothing in this subdivision shall limit the discretion of the sheriff in executing the paperwork required by the United States Bureau of Alcohol, Tobacco and Firearms for such person to obtain the weapon."
And explanation if you don't like legal terminology:
These two sections together re-write the strangely titled “Weapons of Mass Death and Destruction” law in NC. They make it clear that so long as you own the weapon in accordance with the applicable Federal Law, you can own NFA items here in NC. This will prevent annoying Sheriffs from trying to prosecute you for owning a NFA item with a Trust instead of by getting the Chief Law Enforcement Officer sign off, which your Sheriff wasn’t going to give you anyway.