North Carolina § 53-377 When Commissioner may take charge

North Carolina Statutes

§ 53-377 — When Commissioner may take charge

North Carolina § 53-377

Ch. 53Regulation of Financial Services

Art. 24Trust Companies and Interstate Trust Business

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Bluebook

N.C. Gen. Stat. § 53-377 (2026).

Text

The Commissioner may take possession of the business and property of any State trust company whenever it appears that the trust company:

(1)Is in a hazardous condition;

(2)Has become insolvent or is in substantial danger of becoming insolvent;

(3)Has sold or attempted to sell substantially all of its assets or has merged or attempted to merge its business with another entity without meeting the requirements of this Article;

(4)Has dissolved or liquidated or attempted to dissolve or liquidate without meeting the requirements of this Article; or

(5)Has suspended operations. (2001-263, s. 1.)

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The Commissioner may take possession of the business and property of any State trust company whenever it appears that the trust company:
(1) Is in a hazardous condition;
(2) Has become insolvent or is in substantial danger of becoming insolvent;
(3) Has sold or attempted to sell substantially all of its assets or has merged or attempted to merge its business with another entity without meeting the requirements of this Article;
(4) Has dissolved or liquidated or attempted to dissolve or liquidate without meeting the requirements of this Article; or
(5) Has suspended operations. (2001-263, s. 1.)