North Carolina General Statutes § 58-71-122 Transfer of business by bail bondsman

A licensed professional bondsman may contract to transfer, convey, or assign the professional bondsman's business to another professional bondsman licensed under this Article. The contract shall include a list of the transferring professional bondsman's pending outstanding bail bond obligations and shall be filed with the Commissioner. The contract shall allow for the transferring professional bondsman to transfer, convey, or assign assets to the purchasing professional bondsman that include, but are not limited to, any pledged cash or any pledged approved securities with the Commissioner as security for bail bonds. Notwithstanding the filing of the contract with the Commissioner, the transferor remains responsible for all outstanding bond obligations until relieved from an individual obligation pursuant to G.S. 15A-534(h), by a substitution of surety pursuant to G.S. 15A-538, or satisfaction of any final judgment of forfeiture entered thereon. (2011-377, s. 5.)

Sections:  Previous  58-71-95  58-71-100  58-71-105  58-71-110  58-71-115  58-71-120  58-71-121  58-71-122  58-71-125  58-71-130  58-71-135  58-71-140  58-71-141  58-71-145  58-71-151  Next

Last modified: March 23, 2014