State Codes and Statutes
Statutes > North-carolina > Chapter_58 > GS_58-45-96§ 58‑45‑96. Succession and dissolution.
In the event that a successororganization is created to perform the Association's general functions, thesurplus, assets, and liabilities then held by the Association shall betransferred to such successor organization. The pledge or sale of, the lienupon, and the security interest in any rights, revenues, or other assets of theAssociation created pursuant to any financing arrangements entered into by theAssociation shall be and remain valid and enforceable on the successororganization, notwithstanding the commencement of any rehabilitation,insolvency, liquidation, bankruptcy, conservatorship, reorganization, orsimilar proceeding against the Association. No such proceeding shall relievethe Association of its obligation to continue to collect assessments or otherrevenues pledged pursuant to any financing arrangements. In the event ofdissolution, surplus then held shall not be distributed to member insurers. (2009‑472, s. 1.)
