§ 58-71-100. Receipts for collateral; trust accounts. - North Carolina Statutes

§ 58‑71‑100. Receipts for collateral; trust accounts.

(a)        When a bailbondsman accepts collateral he shall give a written receipt for the collateral.The receipt shall give in detail a full description of the collateral received.Collateral security shall be held and maintained in trust. When collateralsecurity is received in the form of cash or check or other negotiableinstrument, the licensee shall deposit the cash or instrument within twobanking days after receipt, in an established, separate noninterest‑bearingtrust account in any bank located in North Carolina. The trust account fundsunder this section shall not be commingled with other operating funds.

(b)        With the approvalof the Commissioner, bail bondsmen operating out of the same business office orlocation may establish a shared trust account for collateral security receivedby them. The Commissioner may require the bondsmen desiring to establish theshared trust account to furnish the Commissioner information about theirbusiness that the Commissioner considers necessary to administer this Articleeffectively. (1963,c. 1225, s. 21; 1975, c. 619, s. 1; 2000‑180, s. 6; 2001‑269, s.2.5.)