North Carolina General Statutes 53-377. When Commissioner may take charge
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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;
Terms Used In North Carolina General Statutes 53-377
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- property: shall include all property, both real and personal. See North Carolina General Statutes 12-3
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
(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.)