State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_90 > GS_90-210_95

§ 90‑210.95.  Bond of secretary or secretary‑treasurerof burial associations.

The secretary or secretary‑treasurer of each burial associationshall, before entering upon the duties of his office, and for the faithfulperformance thereof, execute a bond payable to the Board of Funeral Service astrustee for the burial association in some bonding company licensed to dobusiness in this State, to be approved by the Board of Funeral Service. Saidbond shall be in an amount not less than one thousand dollars ($1,000), normore than ten thousand dollars ($10,000), in the discretion of the Board, forthose associations whose assets, as determined by the Board's audit, are tenthousand dollars ($10,000) or less. For those associations whose assets, asdetermined by the Board's audit, are in excess of ten thousand dollars($10,000), said bond shall be in an amount of ten thousand dollars ($10,000)plus twenty‑five per centum (25%) of all assets over ten thousand dollars($10,000); provided, however, that the bond required by this section shall notin any event exceed fifty thousand dollars ($50,000). If any associationoperates a branch or subsidiary and the officers of both associations are thesame, for purposes of this section, it shall be treated as one association. Anyburial association, with the consent of the Board of Funeral Service, may givea bond secured by a deed of trust on real estate situated in North Carolina, inlieu of procuring said bond from a bonding company. The bond thus given shallnot be acceptable in excess of the ad valorem tax value for the current year ofthe real estate securing said bond. The deed of trust shall be recorded in thecounty or counties wherein the land lies and shall be deposited with the Boardof Funeral Service, name the Board as trustee for the burial association andmust constitute a first lien on the property secured by the deed of trust. Saiddeed of trust shall contain a description of the encumbered property by metesand bounds together with evidence by title insurance policy or by certificateof an attorney‑at‑law, certifying that said trustor is the owner ofa marketable fee simple title to such lands. (1941, c. 130, s. 15; 1943, c. 272, s. 5; 1967, c. 985, s. 2; 1975, c.837; 1987, c. 864, s. 12; 1997‑313, s. 5; 2003‑420, ss. 1, 17(b).)