GroundRules
N.C. Gen. Stat. § 53C-9-403: Authority to serve as trustee terminated.
Where this section sits in the code
- Chapter 53C. Regulation of Banks.
- Article 9. Supervisory Liquidation; Voluntary Dissolution and Liquidation.
- Part 4. Provisions Relating to Any Dissolution or Receivership.
Whenever any bank that has been, or shall be, appointed trustee in any indenture, deed of trust, or other instrument of like character, executed to secure the payment of any bonds, notes, or other evidences of indebtedness, has been or shall be placed in receivership, a new trustee shall be appointed in the manner provided in G.S. 36C-7-704 or other applicable law, and the powers and duties of the bank as trustee in any such instrument shall immediately cease. (2012-56, s. 4; 2013-29, s. 19.)
Collected 2026-08-27T18:05:27Z. Source file · JSON