§ 28B-8. Termination of receivership. - North Carolina Statutes

§28B‑8.  Termination of receivership.

(a)        At any time uponpetition signed by the absentee in military service, or on petition of anattorney‑in‑fact acting under an adequate power of attorney grantedby the absentee in military service, the court shall direct the termination ofthe receivership and the transfer of all property held thereunder to theabsentee in military service or to the designated attorney‑in‑fact.

(b)        If at any timesubsequent to the appointment of a receiver it shall appear that the absenteein military service has died and an executor or administrator has beenappointed for his estate, the court shall terminate the receivership, certifyall proceedings under the receivership to the clerk of superior court, andtransfer all property of the deceased absentee in military service heldthereunder to such executor or administrator.

(c)        When the need for areceivership terminates, the receiver shall promptly file a final inventory andaccounting and his application for discharge with the court. If it appears tothe court that the inventory and accounting are correct and that the receiverhas made full and complete transfer of the assets of the absentee in militaryservice as directed, the court may approve the inventory and accounting and dischargethe receiver. If objections to the final inventory and accounting are filed,the court shall conduct a hearing  under the same conditions for a hearing onobjections to the annual accounting and inventory.

(d)        Such dischargeshall operate as a release from the duties of the receivership and as a bar toany suit against said receiver or his surety, unless such suit is commencedwithin one year from the date of discharge. (1973, c. 522, s. 8.)