§ 105-113.86. Bonds. - North Carolina Statutes

§105‑113.86.  Bonds.

(a)        Wholesalers andImporters. – A wholesaler or importer shall furnish a bond in an amount of notless than five thousand dollars ($5,000) nor more than fifty thousand dollars($50,000). The bond shall be conditioned on compliance with this Article, shallbe payable to the State, shall be in a form acceptable to the Secretary, andshall be secured by a corporate surety or by a pledge of obligations of thefederal government, the State, or a political subdivision of the State. The Secretaryshall proportion the bond amount to the anticipated tax liability of thewholesaler or importer. The Secretary shall periodically review the sufficiencyof bonds furnished by wholesalers and importers, and shall increase the amountof a bond required of a wholesaler or importer when the amount of the bondfurnished no longer covers the wholesaler's or importer's anticipated taxliability.

(b)        NonresidentVendors. – The Secretary may require the holder of a nonresident vendor ABCpermit to furnish a bond in an amount not to exceed two thousand dollars($2,000). The bond shall be conditioned on compliance with this Article, shallbe payable to the State, shall be in a form acceptable to the Secretary, andshall be secured by a corporate surety or by a pledge of obligations of thefederal government, the State, or a political subdivision of the State. (1985,c. 114, s. 1; 1987, c. 18; 1998‑95, s. 25.)