State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-401

Subpart C. Conservatorship.

§ 53‑401.  Provisionsfor conservator; duties and powers.

Whenever the Commissionerdeems it necessary in order to conserve the assets of a State trust company forthe benefit of clients or creditors, the Commissioner may appoint a conservatorfor the State trust company and require of the conservator a bond with anysurety the Commissioner deems necessary and proper in an amount deemedsufficient by the Commissioner. The conservator, under the direction of theCommissioner, shall take possession of the fiduciary records and other books,records, and assets of every description of the State trust company placedunder conservatorship and take actions necessary to conserve those assetspending further disposition of its business as provided by law. Except asprovided in G.S. 53‑405, the conservator shall have all rights, powers,and privileges, subject to the approval of the Commissioner, now possessed byor given to the Commissioner under the provisions of Subpart B and Subpart D ofthis Part. All expenses of the conservator shall be paid out of the assets ofthe State trust company under conservatorship and shall be a lien thereon whichshall be prior to any other lien provided by law. The compensation of theconservator shall be determined by the Commissioner and shall be based on thetime and experience of the conservator and the complexity of theconservatorship. Compensation of the conservator shall not be subject to therequirements of Article 3 of Chapter 143 of the General Statutes. (2001‑263, s. 1.)