State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_1 > GS_1-507_6

§1‑507.6.  Proof of claims; time limit.

All claims against aninsolvent corporation must be presented to the receiver in writing; and theclaimant, if required, shall submit himself to such examination in relation tothe claim as the receiver directs, and shall produce such books and papersrelating to the claim as shall be required. The receiver has power to examineunder oath or affirmation all witnesses produced before him touching the claim,and shall pass upon and allow or disallow the claims or any part thereof, andnotify the claimants of his determination. The court may limit the time withinwhich creditors may present and prove to the receiver their respective claimsagainst the corporation, and may bar all creditors and claimants failing to doso within the time limited from participating in the distribution of the assetsof the corporation. The court may also prescribe what notice, by publication orotherwise, must be given to creditors of such limitation of time. (1901,c. 2, ss. 81, 82; Rev., ss. 1228, 1229; C.S., s. 1212; 1955, c. 1371, s. 2.)