N.C. Gen. Stat. § 53C-9-403

Current through Session Law 2024-56

Section 53C-9-403 - Authority to serve as trustee terminated

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.

N.C. Gen. Stat. § 53C-9-403

Amended by 2013 N.C. Sess. Laws 29,s. 19, eff. 4/16/2013.

Added by 2012 N.C. Sess. Laws 56,s. 4, eff. 10/1/2012.