§ 7A-308.1. Fees on deposits and investments.
§ 7A‑308.1. Fees on deposits and investments.
On all funds received by the clerk by virtue or color of his office anddeposited pursuant to G.S. 7A‑112.1 or invested pursuant to G.S. 7A‑112,one or both of the fees provided for in this section shall be assessed andcollected as follows:
(1) On all funds deposited by the clerk in an interest bearingchecking account pursuant to G.S. 7A‑112.1, a fee of four percent (4%) ofeach principal amount so deposited shall be assessed and collected, subject tothe following conditions:
a. The fee shall be collected from interest earnings only andshall not exceed the amount of the interest earnings on any principal amount sodeposited, or seven hundred fifty dollars ($750.00), whichever is less;
b. All fees collected pursuant to this subsection shall be paidto the county as court facilities fees and used as prescribed in G.S. 7A‑304(a)(2);
c. All interest earnings in excess of the prescribed fee shallbe remitted to the beneficial owner or owners of any principal amount when thatamount is withdrawn and distributed by the clerk; and
d. If any principal amount is withdrawn from the checkingaccount and invested pursuant to G.S. 7A‑112, any interest in excess ofthe prescribed clerk's fee which is invested with the principal amount shall beincluded in the fund upon which the fee provided for in subdivision (2) iscomputed.
(2) On all funds to be invested by the clerk pursuant to G.S. 7A‑112,a fee equal to five percent (5%) of each fund shall be assessed and collected,subject to the following conditions:
a. The fee shall be charged and deducted from each fund beforethe fund is invested, and only the balance shall be invested;
b. Over the life of an account, the fees charged on the initialfunds and all funds subsequently placed with the clerk for that account shallnot exceed the investment earnings on the account or one thousand dollars($1,000), whichever is less;
c. All fees collected pursuant to this subsection shall beremitted to the State Treasurer for the support of the General Court ofJustice; and
d. Any fees charged in excess of the cumulative investmentearnings on an account shall be refunded and all investment earnings in excessof the prescribed fee shall be remitted to the beneficial owner or owners whenall funds in that account are finally withdrawn and distributed by the clerk. (1989, c. 783, s. 5.)