53C-9-403. Authority to serve as trustee terminated.
Whenever any bank that has been, or shall be, appointed trustee in any indenture, deed of trust, or other instrument of like character, executed to secure the payment of any bonds, notes, or other evidences of indebtedness, has been or shall be placed in receivership, a new trustee shall be appointed in the manner provided in G.S. 36C-7-704 or other applicable law, and the powers and duties of the bank as trustee in any such instrument shall immediately cease. (2012-56, s. 4; 2013-29, s. 19.)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 53C - Regulation of Banks
Article 9 - Supervisory Liquidation; Voluntary Dissolution and Liquidation.
§ 53C-9-101 - Supervisory combinations.
§ 53C-9-102 - Distributions; assignments restricted.
§ 53C-9-103 - Cancellation of charter.
§ 53C-9-201 - Voluntary dissolution prior to receipt of charter.
§ 53C-9-202 - Voluntary dissolution.
§ 53C-9-203 - Voluntary dissolution and liquidation procedure.
§ 53C-9-401 - Article relating to receivers applicable to insolvent banks.
§ 53C-9-402 - Storage and destruction of records.
§ 53C-9-403 - Authority to serve as trustee terminated.
§ 53C-9-404 - Petition for new trustee; upon parties interested.
§ 53C-9-405 - Appointment of substitute trustee where no objection made.
§ 53C-9-406 - Hearing where objection made; appeal from order.
§ 53C-9-407 - Registration of final order.
§ 53C-9-408 - Petition and order applicable to all instruments involved.