North Carolina General Statutes 159-38. Local units authorized to accept their bonds in payment of certain claims and judgments
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In North Carolina General Statutes 159-38
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- local government: is a municipal corporation that is not subject to the State Budget Act (Chapter 143C of the N. See North Carolina General Statutes 159-7
- Public authority: is a municipal corporation (other than a unit of local government) that is not subject to the State Budget Act (Chapter 143C of the N. See North Carolina General Statutes 159-7
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
Any unit of local government or public authority may accept its own bonds, at par, in settlement of any claim or judgment that it may have against any person, firm, corporation, or association due to funds held in an insolvent bank, trust company, or savings and loan association. (1933, c. 376; 1971, c. 780, s. 1.)