State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_43 > GS_43-50

§43‑50.  Action for indemnity.

Any person who, withoutnegligence on his part, sustains loss or damage or is deprived of land, or ofany estate or interest therein, through fraud or negligence or in consequenceof any error, omission, mistake, misfeasance, or misdescription in anycertificate of title or in any entry or memorandum in the registration book,and who, by the provisions of this Chapter, is barred or in any way precludedfrom bringing an action for the recovery of such land or interest or estatetherein or claim upon same, may bring an action in the superior court of thecounty in which the land is situate for the recovery of compensation for suchloss or damage from the assurance fund. Such action shall be against the StateTreasurer and all other persons who may be liable for the fraud, negligence,omission, mistake or misfeasance; but if such claimant has the right of actionor other remedy for the recovery of the land, or of the estate or interesttherein, or of the claim upon same, he shall exhaust such remedy beforeresorting to the assurance fund. (1913, c. 90, s. 34; C.S., s.2423.)