NORTH CAROLINA GENERAL ASSEMBLY

1965 SESSION

 

 

CHAPTER 1038

HOUSE BILL 1003

 

 

AN ACT TO AMEND THE NORTH CAROLINA AGRICULTURAL WAREHOUSE ACT, ARTICLE 38, CHAPTER 106 OF THE GENERAL STATUTES CONCERNING THE BOND OF THE STATE WAREHOUSE SYSTEM UNDER THE UNITED STATES WAREHOUSE ACT.

 

The General Assembly of North Carolina do enact:

 

Section 1.  Article 38, Chapter 106 of the General Statutes, as the same appears in 1960 Replacement Volume 3A, is amended by adding immediately after G.S. 106-450 a new Section, designated "§106-450.1", appropriately captioned, to read as follows:

"§ 106-450.1.  Any bond required by the provisions of the United States Warehouse Act on behalf of the State Warehouse System shall be procured in the name of, and shall show as the principal obligor thereon, the State of North Carolina and the obligations of such bond shall rest upon the State of North Carolina, acting through the State Board of Agriculture or the State Warehouse Superintendent on behalf of the State Warehouse System. Any right of indemnity over as against the principal obligor for any loss under the bond by any surety, shall principally and primarily be directed against and encumber the State Warehouse Indemnifying or Guaranty Fund provided for under the terms and provisions of this Article, including, but not restricted to, G.S. 106-435. Any cause of action arising out of or incidental to any bond furnished under and pursuant to the United States Warehouse Act shall be and constitute a claim and suit against the State of North Carolina, whether the State of North Carolina is designated as party defendant in any such action or not, and whether the action is brought against the State of North Carolina, the State Board of Agriculture, the State Warehouse Superintendent, the State Warehouse System, the Treasurer of the State of North Carolina as custodian of the State Indemnity and Guaranty Fund, or any of them, or any individual holding an office or acting as agent of the State of North Carolina, the State Board of Agriculture, the State Warehouse Superintendent, the State Warehouse System or other legal entity acting by and for the State or any of its agencies or instrumentalities in the execution of this Article. There shall be no liability or cause of action against any individual acting as an officer, employee, agency or instrumentality of the State in the execution of this Article under any bond furnished by the State under and pursuant to the United States Warehouse Act, except as in this Article otherwise provided."

Sec. 2.  All laws and clauses of laws in conflict with the provisions of this Act are hereby repealed.

Sec. 3.  This Act shall be in full force and effect from and after its ratification.

In the General Assembly read three times and ratified, this the 14th day of June, 1965.