{"data":{"id":"us-nc/n.c.-gen.-stat.-53-377","jurisdiction":"us-nc","citation":"N.C. Gen. Stat. § 53-377","heading":"When Commissioner may take charge.","body":"The Commissioner may take possession of the business and property of any State trust company whenever it appears that the trust company:\n(1)\tIs in a hazardous condition;\n(2)\tHas become insolvent or is in substantial danger of becoming insolvent;\n(3)\tHas 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;\n(4)\tHas dissolved or liquidated or attempted to dissolve or liquidate without meeting the requirements of this Article; or\n(5)\tHas suspended operations. (2001-263, s. 1.)","path":["Chapter 53. Regulation of Financial Services.","Article 24. Trust Companies and Interstate Trust Business.","Part 5. Dissolution and Receivership; Conservatorship; Jeopardized State Trust Companies."],"source_url":"https://www.ncleg.gov/EnactedLegislation/Statutes/HTML/BySection/Chapter_53/GS_53-377.html","current_through":"S.L. 2026-30","vintage":"","retrieved_at":"2026-08-27T18:05:12Z","sha256":"bb5ad244aaf61c9d899301a2bdd4399d82874b6f6c108a794163e28179cbef0f","source_id":"us-nc","stale":false,"prev":"us-nc/n.c.-gen.-stat.-53-376","next":"us-nc/n.c.-gen.-stat.-53-378"},"notice":"GroundRules: Original legal text. Not legal advice."}