53C-9-101. Supervisory combinations. Notwithstanding any other provision of this Chapter, in order to protect the public, including depositors and creditors of a bank, the Commissioner, upon making a finding that a bank is unable to operate in a safe and sound manner and is not reasonably likely to be able to resume safe and sound […]
53C-9-102. Distributions; assignments restricted. A bank that is in the process of involuntary or voluntary dissolution pursuant to this Article may not make or pay distributions to its shareholders unless the bank has the prior written approval of the Commissioner. No bank shall make any general assignment for the benefit of its creditors except by […]
53C-9-103. Cancellation of charter. Whenever a combination, dissolution, or other transaction occurs by which a bank ceases to exist or ceases to be eligible for a charter, the Commissioner shall by order cancel the bank’s charter and shall publish the order in accordance with G.S. 53-1-4(59). A copy of the order shall be filed by […]
53C-9-201. Voluntary dissolution prior to receipt of charter. A bank in formation may, prior to issuance of its charter, give notice to the Commissioner and, with the Commissioner’s consent, abandon its application to the Commissioner and dissolve and liquidate by a majority vote of its board of directors and as provided under Chapter 55 of […]
53C-9-202. Voluntary dissolution. (a) With the approval of the Commissioner, a bank may engage in a voluntary dissolution and liquidation. (b) If, by a majority vote, the board of directors of a bank should determine that in their judgment the bank should be dissolved and liquidated, then the board of directors shall submit immediately to […]
53C-9-203. Voluntary dissolution and liquidation procedure. (a) At the appropriate time, the Commissioner shall do the following: (1) Inform the FDIC and the bank’s federal supervisory agency if other than the FDIC. (2) Select and appoint a receiver or receiver in liquidation, just as if the liquidation were involuntary under G.S. 53C-9-301. (3) Attach a […]
53C-9-301. Receivership. (a) The Commissioner may take custody of the books, records, and assets of every kind and character of any bank in the instances established in Part 2 of this Article or if it reasonably appears from one or more examinations made by the Commissioner that any of the following conditions exist: (1) The […]
53C-9-401. Article relating to receivers applicable to insolvent banks. Article 38A of Chapter 1 of the General Statutes, relating to receivers, when not inconsistent with the provisions of this Article, applies to the liquidation of banks under this Article. (2012-56, s. 4; 2021-93, s. 9.)
53C-9-402. Storage and destruction of records. (a) Any record of a bank that is in or has completed the process of dissolution and liquidation may be kept in compliance with the provisions of G.S. 53C-6-14. (b) All records of a bank that has completed the process of dissolution and liquidation shall be held in such […]
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 […]
53C-9-404. Petition for new trustee; upon parties interested. In all cases of dissolution receivership and liquidation under this Article, the clerk of superior court of any county in which an indenture, deed of trust, or other instrument of like character is recorded shall, upon the verified petition of any person interested in any such trust, […]
53C-9-405. Appointment of substitute trustee where no objection made. If, upon the day fixed in the notice, no person appears and objects to the appointment of a substitute trustee, the clerk of superior court shall, upon such terms as he or she deems advisable to the best interest of all parties, appoint a competent person […]
53C-9-406. Hearing where objection made; appeal from order. If objection is made to the appointment of a new trustee under this Part, the clerk shall hear and determine the matter, and from his or her decision an appeal may be prosecuted as in cases of special proceedings generally. (2012-56, s. 4.)
53C-9-407. Registration of final order. The final order of appointment of a new trustee or trustees under this Part shall be certified by the clerk of superior court issuing the order and shall be recorded in the office of the register of deeds in the county or counties in which the instrument under which the […]
53C-9-408. Petition and order applicable to all instruments involved. The petition and the order appointing a new trustee or trustees under this Part may apply to any number of indentures, deeds of trust, or other instruments, wherein the same trustee or trustees are named. (2012-56, s. 4.)
53C-9-409. Additional remedy. The appointment of a substitute trustee as described in this Part shall be in addition to and not substitution for any other remedy provided by law. (2012-56, s. 4.)
