58-73-25. Failure to pay judgment is forfeiture.
If a surety company against which a judgment is recovered fails to discharge the same within 60 days from the time such final judgment is rendered, it shall forfeit its right to do business in this State, and the Insurance Commissioner shall cancel its license. (1901, c. 706, s. 1, subsec. 5; Rev., s. 275; C.S., s. 343.)
Structure North Carolina General Statutes
North Carolina General Statutes
Article 73 - Bonds in Surety Company.
§ 58-73-1 - State officers may be bonded in surety company.
§ 58-73-5 - When surety company sufficient surety on bonds and undertakings.
§ 58-73-10 - Clerk to notify county commissioners of condition of company.
§ 58-73-15 - Release of company from liability.
§ 58-73-20 - Company not to plead ultra vires.
§ 58-73-25 - Failure to pay judgment is forfeiture.
§ 58-73-30 - On presentation of proper bond officer to be inducted.