§ 58-71-151. Securities held in trust by Commissioner; authority to dispose of same. - North Carolina Statutes

§ 58‑71‑151. Securities held in trust by Commissioner; authority to dispose of same.

The securities deposited by aprofessional bondsman with the Commissioner shall be held in trust for theprotection and benefit of the holder of bail bonds executed by or on behalf ofthe undersigned bondsman in this State. Notwithstanding any other provision oflaw, the Commissioner is authorized to select a bank or trust company as mastertrustee to hold cash securities to be pledged to the State when deposited withthe Commissioner pursuant to statute. Securities may be held by the mastertrustee in any form that in fact perfects the security interest of the State inthe securities. The Commissioner shall by rule establish the manner in whichthe master trust shall operate. The master trustee may charge the person makingthe deposit reasonable fees for services rendered in connection with theoperation of the trust, and the assets of the account may be used to pay suchcharges.

A pro rata portion of thesecurities shall be returned to the bondsman when the Commissioner is satisfiedthat the deposit of securities is in excess of the amount required to bemaintained with the Commissioner by said bondsman; and all the securities shallbe returned if the Commissioner is satisfied that the bondsman has satisfied,or satisfactory arrangements have been made to satisfy, the obligations of thebondsman on all the bondsman's bail bonds written in the State.

The Commissioner may sell ortransfer any and all of said securities or utilize the proceeds thereof for thepurpose of satisfying the liabilities of the professional bondsman on bailbonds given in this State on which the bondsman is liable. (2005‑240, s. 3.)