State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_1 > GS_1-503

§1‑503.  Appointment refused on bond being given.

In all cases where there is anapplication for the appointment of a receiver, upon the ground that theproperty or its rents and profits are in danger of being lost, or materiallyinjured or impaired, or that a corporation defendant is insolvent or inimminent danger of insolvency, and the subject of the action is the recovery ofa money demand, the judge before whom the application is made or pending shallhave the discretionary power to refuse the appointment of a receiver if theparty against whom such relief is asked, whether a person, partnership orcorporation, tenders to the court an undertaking payable to the adverse partyin an amount double the sum demanded by the plaintiff, with at least two sufficientand duly justified sureties, conditioned for the payment of such amount as maybe recovered in the action, and summary judgment may be taken upon theundertaking. In the progress of the action the court may in its discretionrequire additional sureties on such undertaking. (1885, c. 94; Rev., s. 848;C.S., s. 861.)