§ 42-50. Deposits from the tenant. - North Carolina Statutes

Article6.

Tenant Security DepositAct.

§ 42‑50.  Deposits fromthe tenant.

Security deposits from thetenant in residential dwelling units shall be deposited in a trust account witha licensed and insured bank or savings institution located in the State ofNorth Carolina or the landlord may, at his option, furnish a bond from aninsurance company licensed to do business in North Carolina. The securitydeposits from the tenant may be held in a trust account outside of the State ofNorth Carolina only if the landlord provides the tenant with an adequate bondin the amount of said deposits. The landlord or his agent shall notify thetenant within 30 days after the beginning of the lease term of the name andaddress of the bank or institution where his deposit is currently located orthe name of the  insurance company providing the bond. (1977,c. 914, s. 1.)