State Codes and Statutes
Statutes > North-carolina > Chapter_53 > GS_53-379§ 53‑379. Notice ofseizure; bar to attachment of liens.
When the Commissioner takespossession of any State trust company under G.S. 53‑377 or G.S. 53‑378,the Commissioner shall, within 48 hours, file with the clerk of the superiorcourt in the county where the principal office of the State trust company islocated a notice of the action which shall state the reason for the action, andwhich shall be deemed the equivalent of a summons and complaint against theState trust company in an action in the superior court except that it shall notbe necessary to serve the notice. The taking possession of any State trustcompany shall be effective on the date when the authority is first exercisedand from and after that time all assets and property of the State trustcompany, of whatever nature, shall be deemed to be in possession of theCommissioner, and the exercise of the authority shall operate as a bar to anyattachment or other legal proceeding against the State trust company or itsassets. After the Commissioner's exercise of authority, no lien shall attach inany manner binding or affecting any of the assets of the State trust company,and every purported transfer or assignment made thereafter by the State trustcompany, or by its authority, of the whole or any part of its assets, shall benull and void; and the Commissioner shall be substituted in place of the Statetrust company in any civil actions or proceedings pending at the time of theexercise of the authority. (2001‑263, s. 1.)
