In addition to generally accepted types of security, the endorsement of a note by a surety, comaker or guarantor, or assignment of shares, in a manner consistent with the laws of this State, shall be deemed security within the meaning of Articles 14A to 14L of this Chapter. The adequacy of any security shall be determined by the board of directors subject to Articles 14A to 14L of this Chapter and the bylaws.
N.C. Gen. Stat. § 54-109.68
Security
Applied in 1 court decision — leading case Petersen v. State Employees Credit Union (In Re Kittrell) (1990)
Most recently applied in Petersen v. State Employees Credit Union (In Re Kittrell) (May 1990)
1975, c. 538, s. 1.
Official source: North Carolina General Assembly. Reproduced from public-domain North Carolina statutes; confirm against the official source for the current text. Not legal advice.