If a surety company against which a judgment is recovered fails to discharge the same within 60 days from the time such final judgment is rendered, it shall forfeit its right to do business in this State, and the Insurance Commissioner shall cancel its license.
N.C. Gen. Stat. § 58-73-25
Failure to pay judgment is forfeiture
1901, c. 706, s. 1, subsec. 5; Rev., s. 275; C.S., s. 343.
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.