State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_43 > GS_43-49


Assurance Fund.

§ 43‑49.  Assurance fundprovided; investment.

Upon the original registrationof land and also upon the entry of certificate showing the title as registeredowners in heirs or devisees, there shall be paid to the clerk of the court onetenth of one percent (0.1%) of the assessed value of the land for taxes, as anassurance fund, which shall be paid over to the State Treasurer, who shall beliable therefor upon his official bond as for other moneys received by him inhis official capacity. He shall keep all the principal and interest of suchfund invested, except as required for the payment of indemnities, in bonds andsecurities of the United States, of this State, or of counties and othermunicipalities within  the State. Such investment shall be made upon the adviceand concurrence of the Governor and Council of State, and he shall make reportof such funds and the investment thereof to the General Assembly biennially.When registration involves the State of North Carolina or any politicalsubdivision thereof, the local tax collector shall assess the value of the landinvolved as if for tax purposes and the amount to be paid to the clerk shall bean amount equal to one tenth of one percent (0.1%) of such assessed value;provided, however, that no taxes shall be levied upon such land while titlethereto remains in the State of North Carolina or any political subdivisionthereof. (1913, c. 90, s. 33; C.S., s. 2422; 1963, c. 946, s.2.)