State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_28C > GS_28C-12

§28C‑12.  Termination of receivership.

Upon the entry of any finalfinding and decree as provided in G.S. 28C‑11, the judge shall proceed towind up the receivership and terminate the proceedings:

(1)        In the case of adecree under G.S. 28C‑11, subsection (a), that the absentee is dead:

a.         By satisfying alloutstanding expenses and costs of the receivership, and

b.         By then deductingfor the insurance fund provided in G.S. 28C‑19 a sum equal to fivepercent (5%) of the total value of the property remaining for distribution uponsettlement of the absentee's estate, including amounts paid to the estate frompolicies of insurance on the absentee's life, and

c.         By then certifyingthe proceedings to the clerk of the superior court subject to an order by thejudge administering the receivership, or

(2)        In the case of adecree under G.S. 28C‑11, subsection (b), revoking the finding that themissing person is an absentee:

a.         By satisfying alloutstanding expenses and costs of the receivership, and

b.         By then returninghis remaining property to him and rendering an accounting for that property notreturned; or

(3)        In the case of adecree under G.S. 28C‑11, subsection (c), declaring that all interest ofthe absentee in his property has ceased:

a.         By satisfying alloutstanding expenses and costs of the receivership, and

b.         By then satisfyingall outstanding taxes, other debts and  charges, and

c.         By then deductingfor the insurance fund provided in G.S. 28C‑19 a sum equal to fivepercent (5%) of the total value of the property remaining, including amountspaid to the receivership estate from policies of insurance on the absentee'slife, and

d.         By transferring ordistributing the remaining property as provided in G.S. 28C‑13; and

(4)        In all three casesby requiring the receiver's account, and upon its approval, discharging him andhis bondsmen and entering a final decree terminating the receivership. (1965, c. 815, s. 1; 1973, c. 1329, s. 2.)