NORTH CAROLINA GENERAL ASSEMBLY
1971 SESSION
CHAPTER 766
HOUSE BILL 796
AN ACT TO AMEND G.S. 44A-16 RELATING TO THE DISCHARGE OF MATERIALMEN'S LIENS.
The General Assembly of North Carolina enacts:
Section 1. G.S. 44A-16 is hereby amended by adding at the end thereof a new subdivision (6) to read as follows:
"(6) Whenever a corporate surety bond, in a sum equal to one and one-fourth (1 1/4) times the amount of the lien or liens claimed and conditioned upon the payment of the amount finally determined to be due in satisfaction of said lien or liens, is deposited with the clerk of court, whereupon the clerk of superior court shall cancel the lien or liens of record."
Sec. 2. This act shall become effective upon ratification.
In the General Assembly read three times and ratified, this the 6th day of July, 1971.