§ 58-5-1. Deposits; use of master trust. - North Carolina Statutes

Article5.

Deposits and Bonds byInsurance Companies.

§ 58‑5‑1. Deposits; use of master trust.

Notwithstanding any otherprovision of law, the Commissioner is authorized to select a bank or trustcompany as master trustee to hold cash or securities to be pledged to the Statewhen deposited with him pursuant to statute. Securities may be held by themaster trustee in any form which, in fact, perfects the security interest ofthe State in the securities. The Commissioner shall by rule establish themanner in which the master trust shall operate. The master trustee may chargethe person making the deposit reasonable fees for services rendered inconnection with the operation of the trust. (1985, c. 666, s. 55; 1987,c. 864, s. 23.)