North Carolina § 53-159 - Trust institution may act as fiduciary.

§ 53-159. Trust institution may act as fiduciary.

Any trust institution licensed by the Commissioner of Banks, where such powers or privileges are granted it in its charter, may be guardian, trustee, assignee, receiver, executor or administrator or act in another fiduciary capacity in this State without giving any bond; and the clerks of the superior courts, or other officers charged with the duty or clothed with the power of making such appointments, are authorized to appoint such trust institution to any such office. History (1945, c. 743, s. 1; 2001-263, s. 3; 2011-339, s. 7.) Effect of Amendments. - Session Laws 2011-339, s. 7, effective October 1, 2011, and applicable to all trusts created before, on, or after that date, in the section catchline and twice in text, substituted "trust institution" for "bank." Legal Periodicals. - For article on North Carolina receivership statutes applicable to insolvent debtors, see 17 Wake Forest L. Rev. 745 (1981).