State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_1 > GS_1-407

§1‑407.  Commissioner holding proceeds of land sold for reinvestment togive bond.

Whenever in any cause ofspecial proceeding there is a sale of real estate for the purpose of areinvestment of the money arising from such sale, and the proceeds of such saleare held by a commissioner or other officer designated by the court to receivesuch money for purposes of reinvestment, the commissioner or officer soreceiving same shall execute a good and sufficient bond, to be approved by thecourt, in an amount at least equal to the corpus of the fund, and payable tothe State of North Carolina for the protection of the fund and the partiesinterested therein, and conditioned that such custodian of the money shallfaithfully comply with all the orders of the court made or to be thereaftermade concerning the handling and reinvestment of said funds and for thefaithful and final accounting of the same to the parties interested. (1919,c. 259; C.S., s. 766; 1935, c. 45; 1957, c. 80.)