State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_1 > GS_1-324_4

§1‑324.4.  Debts due corporation subject to execution; duty, etc., ofagent.

If an officer holding anexecution is unable to find other property belonging to the corporation liableto execution, he or the judgment creditor may elect to satisfy such executionin whole or in part out of any debts due the corporation, and it is the duty ofany agent or person having custody of any evidence of such debt to deliver itto the officer, for the use of the creditor and such delivery, with a transferto the officer in writing, for the use of the creditor and notice to thedebtor, shall be a valid assignment thereof, and the creditor may sue for andcollect the same in the name of the corporation, subject to such equitable set‑offson the part of the debtor as in other assignments. Every agent or person whoneglects or refuses to comply with the provisions of this section and G.S. 1‑324.2is liable to pay to the execution creditor the amount due on the execution,with costs. (1901, c. 2, s. 68; Rev., s. 1216; C.S., s. 1204;1955, c. 1371, s. 2.)