State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-25

§ 53‑25.  Trustterminated on insolvency of trustee bank.

Whenever any bank createdunder the laws of this State, which has heretofore been, or shall hereafter be,appointed trustee in any indenture, deed of trust or other instrument of likecharacter, executed to secure the payment of any bonds, notes or otherevidences of indebtedness, has been or shall be by reason of insolvency, or forany other cause provided by law, taken over for liquidation by the Commissionerof Banks of this State or by any other legally constituted authority, thepowers and duties of such bank as trustee in any such instrument shall, uponthe entry of an order of the clerk of the superior court appointing a successortrustee, upon a petition as hereinafter provided, immediately cease anddetermine. (1931,c. 250, s. 1; 2001‑263, s. 5.)