§ 54C-58. Test appraisals of collateral for loans; expense paid. - North Carolina Statutes

§ 54C‑58.  Testappraisals of collateral for loans; expense paid.

(a)        The Commissioner ofBanks may direct the making of test appraisals of real estate and othercollateral securing loans made by savings banks doing business in this State,employ competent appraisers, or prescribe a list from which competentappraisers may be selected, for the making of these appraisals by theCommissioner of Banks, and any and all other acts incident to the making oftest appraisals.

(b)        In lieu of causingan appraisal to be made, the Commissioner of Banks may accept an appraisalcaused to be made by the insurer of accounts.

(c)        The expense andcost of test appraisals made under this section shall be defrayed by thesavings bank subjected to the test appraisals, and each savings bank doingbusiness in this State shall pay all reasonable costs and expenses of the testappraisals when it is directed. (1991, c. 680, s. 1; 2001‑193, s. 16.)