§ 23-5. Insolvent trustee removed unless bond given; substitute appointed. - North Carolina Statutes

§23‑5.  Insolvent trustee removed unless bond given; substitute appointed.

Upon the complaint of anycreditor of the assignor or trustee in such deed of trust, alleging under oaththat the trustee named therein is insolvent, and asking that he be required togive bond or be removed, it is the duty of the clerk of the superior court ofthe county in which such deed of trust is registered, upon a notice of not morethan ten days to such trustee, to hear the complaint. If upon such hearing theclerk is satisfied that such trustee is insolvent, he shall remove such trusteeand appoint some competent person to execute the provisions of such deed oftrust, unless such insolvent trustee shall file with the clerk a good andsufficient bond, to be approved by him, in a sum double the value of theproperty in the deed of trust, payable to the State of North Carolina, andconditioned that such trustee shall faithfully execute and carry into effectthe provisions of said deed of trust. (1893, c. 453, s. 3; Rev., s.969; C.S., s. 1613.)