2005 North Carolina Code - General Statutes § 65-11. Clerk\'s bond and fees; substitution of bank or trust company as trustee.

§ 65‑11.  Clerk's bond and fees; substitution of bank or trust company as trustee.

The official bond of the clerk of the superior court shall be liable for all such sums as shall be paid over to him on account of the provisions of this Article. The clerk shall receive for his services and responsibilities a commission of ten percent (10%) on the net income each year of such money; and the fees or commissions so received by him under this Article shall not be taken into consideration as a part of his salary.

In lieu of the provisions of the first paragraph of this section, the clerk of the superior court may, with the consent and approval of the sheriff and register of deeds, appoint any bank or trust company authorized to do business in this State as trustee for the funds authorized to be paid into his office by virtue of this Article; provided, that no bank or trust company shall be appointed as such trustee unless such bank or trust company is authorized and licensed to act as fiduciary under the laws of this State.

Before any clerk shall turn over such funds to the trustee so appointed, he shall require that the trustee so named qualify before him as such trustee in the same way and manner and to the same extent as guardians are by law required to so qualify. After such trustee has qualified as herein provided, all such funds coming into his hands may be invested by it only in the securities set out in G.S. 7A‑112 and the income therefrom invested for the purposes and in the manner heretofore set out in this Article. All trustees appointed under the provisions of this Article shall render and file in the office of the clerk of the superior court all reports that are now required by law of guardians. (1917, c. 155, ss. 3, 4; C.S., s. 5028; 1939, c. 18; 1943, c. 97, s. 2.)