North Carolina § 35A-1230 - Bond required before receiving property.

§ 35A-1230. Bond required before receiving property.

Except as otherwise provided by G.S. 35A-1212.1 and G.S. 35A-1225 (a), no general guardian or guardian of the estate shall be permitted to receive the ward's property until he has given sufficient surety, approved by the clerk, to account for and apply the same under the direction of the court, provided that if the guardian is a nonresident of this State and the value of the property received exceeds one thousand dollars ($1,000) the surety shall be a bond under G.S. 35A-1231 (a) executed by a duly authorized surety company, or secured by cash in an amount equal to the amount of the bond or by a mortgage executed under Chapter 109 of the General Statutes on real estate located in the county, the value of which, excluding all prior liens and encumbrances, shall be at least one and one-fourth times the amount of the bond; and further provided that the nonresident shall appoint a resident agent to accept service of process in all actions and proceedings with respect to the guardianship. The clerk shall not require a guardian of the person who is a resident of North Carolina to post a bond; the clerk may require a nonresident guardian of the person to post a bond or other security for the faithful performance of the guardian's duties. History (1987, c. 550, s. 1; 1989, c. 473, s. 2; 2005-333, s. 3.) Cross References. - As to giving bond in surety company, see G.S. 58-73-5 . As to giving mortgage in lieu of bond, see G.S. 58-74-1 et seq. Editor's Note. - Chapter 109 of the General Statutes, referred to in the section above, has been recodified as Articles 72 through 77 of Chapter 58 (G.S. 58-72-1 et seq. through G.S. 58-77-1 et seq.) under the authority of Session Laws 1987, c. 752, s. 9 and Session Laws 1987 (Reg. Sess., 1988), c. 975, s. 34. Effect of Amendments. - Session Laws 2005-333, s. 3, effective August 26, 2005, inserted "G.S. 35A-1212.1 and" in the first sentence.