GroundRules
N.C. Gen. Stat. § 53-377: When Commissioner may take charge.
Where this section sits in the code
- Chapter 53. Regulation of Financial Services.
- Article 24. Trust Companies and Interstate Trust Business.
- Part 5. Dissolution and Receivership; Conservatorship; Jeopardized State Trust Companies.
The Commissioner may take possession of the business and property of any State trust company whenever it appears that the trust company:
(1) Is in a hazardous condition;
(2) Has become insolvent or is in substantial danger of becoming insolvent;
(3) Has sold or attempted to sell substantially all of its assets or has merged or attempted to merge its business with another entity without meeting the requirements of this Article;
(4) Has dissolved or liquidated or attempted to dissolve or liquidate without meeting the requirements of this Article; or
(5) Has suspended operations. (2001-263, s. 1.)
Collected 2026-08-27T18:05:12Z. Source file · JSON