North Carolina § 53C-9-403 - Authority to serve as trustee terminated.
Full text of North Carolina North Carolina General Statutes § 53C-9-403 — Authority to serve as trustee terminated., with citation guidance and answers to common questions.
§ 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 shall be appointed in the manner provided in G.S. 36C-7-704 or other applicable law, and the powers and duties of the bank as trustee in any such instrument shall immediately cease. History (2012-56, s. 4; 2013-29, s. 19.) Effect of Amendments. - Session Laws 2013-29, s. 19, effective April 16, 2013, inserted "a new trustee shall be appointed in the manner provided in G.S. 36C-7-704 or other applicable law, and" and deleted "upon the entry of an order of the clerk of superior court having jurisdiction under G.S. 53C-9-405 appointing a successor trustee, upon a petition as described in this Part" preceding "immediately cease" in this section.
Source: official North Carolina text · Last verified 2026-08-27
Frequently Asked Questions About North Carolina § 53C-9-403
What does North Carolina General Statutes § 53C-9-403 cover?
Section 53C-9-403 ("Authority to serve as trustee terminated.") is part of the North Carolina General Statutes, the codified statutory law of North Carolina. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite North Carolina § 53C-9-403?
A common citation format is "North Carolina General Statutes § 53C-9-403" (North Carolina). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of North Carolina law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the North Carolina official source linked on this page or consult a licensed North Carolina attorney.
How does North Carolina § 53C-9-403 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in North Carolina can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in North Carolina.