North Carolina General Statutes 58-15-95. Liability on judgments
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Terms Used In North Carolina General Statutes 58-15-95
- Attorney: means the person designated and authorized by subscribers as the attorney-in-fact having authority to obligate them on reciprocal and other insurance contracts. See North Carolina General Statutes 58-15-5
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Reciprocal: means an aggregation of subscribers under a common name. See North Carolina General Statutes 58-15-5
Any judgment against a reciprocal based upon legal process duly served as provided in this Article is binding upon the reciprocal and upon each of the reciprocal’s subscribers as their respective interests may appear, in an amount not exceeding their respective contingent assessment liabilities. There is no derivative liability on the part of the attorney, officers, employees, agents, or subscribers’ advisory committee of the reciprocal arising merely by reason of the status of such persons. (1989, c. 425, s. 1.)