§ 66-65. Indemnity bonds required of agents, etc., to state maximum liability and period of liability. - North Carolina Statutes

Article 13

Miscellaneous Provisions.

§ 66‑65.  Indemnitybonds required of agents, etc., to state maximum liability and period ofliability.

Wherever any person, firm, orcorporation, engaged in the business of merchandising any articles whatsoever,shall require of its agents, solicitors, salesmen, representatives, consignees,or peddlers, or other persons selling or handling its merchandise, as acondition precedent to selling or handling any of the merchandise of saidperson, firm, or corporation, that such agents, solicitors, salesmen,representatives, consignees, or peddlers should furnish and provide a bond orguaranty or indemnity contract guaranteeing the full and faithful accounting ofmoneys collected from such merchandise, such bond or indemnity contract shallstate specifically therein the maximum amount of money or other liability whichthe principal and the sureties or guarantors thereof undertake thereby to payin event of default of said bond or indemnity or guaranty contract; and saidbond or indemnity or guaranty contract shall also state specifically the periodof time during which liability may be incurred on account of any default insaid bond or indemnity or guaranty contract.

Any bond or indemnity orguaranty contract which does not comply with the provisions of this sectionshall be null and void and no action may be maintained against the surety orguarantor to recover any sum due thereon in any court of this State. (1943,c. 604, ss. 1,  2.)