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NC General Statutes

N.C. Gen. Stat. § 1-407 (2026)

Commissioner holding proceeds of land sold for reinvestment to give bond

✓ current as of July 2026
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Whenever in any cause of special proceeding there is a sale of real estate for the purpose of a reinvestment of the money arising from such sale, and the proceeds of such sale are held by a commissioner or other officer designated by the court to receive such money for purposes of reinvestment, the commissioner or officer so receiving same shall execute a good and sufficient bond, to be approved by the court, in an amount at least equal to the corpus of the fund, and payable to the State of North Carolina for the protection of the fund and the parties interested therein, and conditioned that such custodian of the money shall faithfully comply with all the orders of the court made or to be thereafter made concerning the handling and reinvestment of said funds and for the faithful and final accounting of the same to the parties interested. (1919, c. 259; C.S., s. 766; 1935, c. 45; 1957, c. 80.)

 

Notes of Decisions
Cited in 2 cases, 1960–1967 · leading case: Wachovia Bank & Trust Co. v. Johnston, 153 S.E.2d 449 (N.C. 1967).
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Wachovia Bank & Trust Co. v. Johnston, 153 S.E.2d 449 (N.C. 1967). “l file and obtain approval of annual accounts for the trust as long as the bank remains indebted to the trust, (d) the trustee shall either execute a first mortgage to secure the balance of the purchase price after the initial payment or shall furnish such other security as the…”
Blades v. Spitzer, 113 S.E.2d 315 (N.C. 1960). · cites it 2× “G.S. 1-407. Poole v. Thompson, 183 N.C. 588, 600 , 112 S.”
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