§ 65-95. Clerk's bond; substitution of bank or trust company as trustee. - North Carolina Statutes

§ 65‑95.  Clerk's bond;substitution of bank or trust company as trustee.

The official bond of the clerkof the superior court shall be liable for all such sums as shall be paid overto the clerk in accordance with the provisions of this Part. In lieu of theprovisions of this section, the clerk may appoint any bank or trust companyauthorized to do business in this State as trustee for the funds authorized tobe paid into his office by virtue of this Part; provided, that no bank or trustcompany shall be appointed as such trustee unless such bank or trust company isauthorized and licensed to act as fiduciary under the laws of this State.

Before any clerk shall turnover such funds to the trustee so appointed, the clerk shall require that thetrustee so named qualify before the clerk as such trustee in the same way andmanner and to the same extent as guardians are by law required to so qualify.After such trustee has qualified as herein provided, all such funds coming intothe clerk's hands may be invested by the trustee only in the securities set outin G.S. 7A‑112 and the income therefrom invested for the purposes and inthe manner heretofore set out in this Part. All trustees appointed under theprovisions of this Part shall render and file in the office of the clerk of thesuperior court all reports that are now required by law of guardians. (1917, c. 155, ss. 3, 4;C.S., s. 5028; 1939, c. 18; 1943, c. 97, s. 2; 2007‑118, s. 1.)