§ 66-96. Bond or trust account required. - North Carolina Statutes

§66‑96.  Bond or trust account required.

If the business opportunityseller makes any of the representations set forth in G.S. 66‑94(3), theseller must either have obtained a surety bond issued by a surety companyauthorized to do business in this State or have established a trust accountwith a licensed and insured bank or savings institution located in the State of North Carolina. The amount of the bond or trust account shall be an amountnot less than fifty thousand dollars ($50,000). The bond or trust account shallbe in favor of the State of North Carolina. Any person who is damaged by anyviolation of this Article, or by the seller's breach of the contract for thebusiness opportunity sale or of any obligation arising therefrom may bring anaction against the bond or trust account to recover damages suffered; provided,however, that the aggregate liability of the surety or trustee shall be onlyfor actual damages and in no event shall exceed the amount of the bond or trustaccount. (1977, c. 884, s. 1.)