§ 53-384. Bond of the Commissioner; surety; condition; minimum penalty. - North Carolina Statutes

§ 53‑384.  Bond of theCommissioner; surety; condition; minimum penalty.

Upon taking possession of anyState trust company, the Commissioner shall execute and file a bond payable tothis State for the benefit of creditors, clients, and shareholders of the Statetrust company, with some surety company as surety thereon, with the clerk ofthe superior court of the county in which the action is pending, conditionedupon the faithful performance of all duties imposed upon the Commissioner underthe provisions of this Subpart with respect to the State trust company, thepenal sum of the bond to be fixed by order of the Commissioner, which in nocase shall be less than two hundred fifty thousand dollars ($250,000). Anyperson interested, by motion in the pending action, shall be heard by theresident or presiding judge of the superior court as to the sufficiency of thebond. The judge hearing the motion may fix the bond. (2001‑263, s. 1.)