N.C. Gen. Stat. § 162A-11
Moneys received deemed trust funds
North Carolina · North Carolina General Statutes Chapter 162A — Chapter 162A. · Status: effective
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- N.C. Gen. Stat. § 162A-11, Moneys received deemed trust funds, North Carolina, version 1 as recorded 2026-08-18, yourstate.us, https://yourstate.us/provision/1334473
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Full text
Moneys received deemed trust funds. All moneys received pursuant to the authority of this Article shall be deemed to be trust funds, to be held and applied solely as provided in this Article. The resolution authorizing the issuance of bonds or the trust agreement securing such bonds shall provide that any officer to whom, or bank, trust company or fiscal agent to which, such moneys shall be paid shall act as trustee of such moneys and shall hold and apply the same for the purposes hereof, subject to such regulations as this Article and such resolution or trust agreement may provide. (1955, c. 1195, s. 10; 1971, c. 892, s. 1.)