North Carolina General Statutes 7A-112.1. Deposit of money held by clerks
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Terms Used In North Carolina General Statutes 7A-112.1
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
The clerk of superior court shall deposit any funds that he receives by virtue of his office, except funds invested pursuant to N.C. Gen. Stat. § 7A-112, in an interest-bearing checking account or accounts in a bank, savings and loan, or trust company licensed to do business in North Carolina, at the maximum feasible interest rate available taking into consideration prevailing interest rates and the checking account services provided to the clerk’s office by the bank, savings and loan, or trust company. The funds deposited in such checking accounts shall be guaranteed to the same extent and in the same manner as funds invested pursuant to N.C. Gen. Stat. § 7A-112 (1985, c. 475, s. 1.)