§ 28A-8-1.1. Deposited money; exclusion in computing amount of bond. - North Carolina Statutes

§28A‑8‑1.1.  Deposited money; exclusion in computing amount of bond.

Notwithstanding the provisionsof G.S. 28A‑8‑1, in any proceeding for the determination of theamount of bond to be required of the personal representative or testamentarytrustee, whether at the time of appointment or subsequently, when it appearsthat the estate of the decedent or the testamentary trust includes money whichhas been or will be deposited in a bank or banks in this State, or money whichhas been or will be invested in an account or accounts in an insured savingsand loan association or associations upon condition that such money will not bewithdrawn except on authorization of the court, the court may, in itsdiscretion, order such money so deposited or so invested and shall exclude suchdeposited money from the computation of the amount of such bond or reduce theamount of bond to be required in respect of such money to such an amount as itmay deem reasonable.

The petitioner for letterstestamentary, of administration, or of trusteeship may deliver to any such bankor association any such money in his possession, or may allow such bank toretain any such money already in its possession, or may allow such associationto retain any such money already invested with it; and, in either event, thepetitioner shall secure and file with the court a written receipt including theagreement of the bank or association that such money shall not be allowed to bewithdrawn except on authorization of the court. In so receiving and retainingsuch money, the bank or association shall be protected to the same extent asthough it had received the same from a person to whom letters testamentary, ofadministration, or of trusteeship had been issued.

The term "account in aninsured savings and loan association" as used in this section means anaccount insured by the Federal Deposit Insurance Corporation, the FederalSavings and Loan Insurance Corporation or by a mutual deposit guarantyassociation authorized by Article 7A of Chapter 54 of the General Statutes ofNorth Carolina.

The term "money" asused in this section means the principal of the decedent's estate and does notinclude the income earned by the principal of the decedent's estate which maybe withdrawn without any authorization of the court. (1977,c. 870, s. 1.)