§ 116B-51 – Short title.
116B-51. Short title. This Article may be cited as the "North Carolina Unclaimed Property Act." (1999-460, s. 6.)
§ 116B-52 – Definitions.
116B-52. Definitions. In this Chapter: (1) "Apparent owner" means a person whose name appears on the records of a holder as the person entitled to property held, issued, or owing by the holder. (2) "Business association" means a corporation, joint stock company, investment company, partnership, unincorporated association, joint venture, limited liability company, business trust, trust […]
§ 116B-53 – Presumptions of abandonment.
116B-53. Presumptions of abandonment. (a) Property is unclaimed if the apparent owner has not communicated in writing or by other means reflected in a contemporaneous record prepared by or on behalf of the holder, with the holder concerning the property or the account in which the property is held, and has not otherwise indicated an […]
§ 116B-54 – Exclusion for forfeited reservation deposits, certain gift certificates or electronic gift cards, prepaid calling cards, certain manufactured home buyer deposits, certain credit balances, unclaimed lottery prizes, and certain merchandise credits.
116B-54. Exclusion for forfeited reservation deposits, certain gift certificates or electronic gift cards, prepaid calling cards, certain manufactured home buyer deposits, certain credit balances, unclaimed lottery prizes, and certain merchandise credits. (a) A forfeited reservation deposit is not abandoned property. For the purposes of this section, the term "reservation deposit" means an amount of money […]
§ 116B-54.1 – Unclaimed United States savings bonds.
116B-54.1. Unclaimed United States savings bonds. (a) U.S. Savings Bonds. – Except as otherwise provided in this section, the provisions of this Article apply to United States savings bonds. A United States savings bond is unclaimed and presumed abandoned if the owner of the savings bond fails to redeem the savings bond within three years […]
§ 116B-55 – Contents of safe deposit box or other safekeeping depository.
116B-55. Contents of safe deposit box or other safekeeping depository. (a) Contents of a safe deposit box or other safekeeping depository held by a financial organization is presumed abandoned if the apparent owner has not claimed the property within the period established by G.S. 53C-6-13 and shall be delivered to the Treasurer as provided by […]
§ 116B-56 – Rules for taking custody.
116B-56. Rules for taking custody. (a) Except as otherwise provided in this Chapter or by other statute of this State, property that is presumed abandoned, whether located in this or another state, is subject to the custody of this State if: (1) The last known address of the apparent owner, as shown on the records […]
§ 116B-57 – Dormancy charge; other lawful charges.
116B-57. Dormancy charge; other lawful charges. (a) A holder may deduct from property presumed abandoned a reasonable charge imposed by reason of the owner’s failure to claim the property within a specified time only if there is a valid and enforceable written contract between the holder and the owner under which the holder may impose […]
§ 116B-58 – Burden of proof as to property evidenced by record of check or draft.
116B-58. Burden of proof as to property evidenced by record of check or draft. A record of the issuance of a check, draft, or similar instrument is prima facie evidence of an obligation. In claiming property from a holder who is also the issuer, the Treasurer’s burden of proof as to the existence and amount […]
§ 116B-59 – Notice by holders to apparent owners.
116B-59. Notice by holders to apparent owners. (a) Repealed by Session Laws 2017-134, s. 2(a), effective October 1, 2017, and applicable to property presumed abandoned on or after that date. (a1) A holder of property that is presumed abandoned and that is either (i) a security or other equity interest in a business association, including […]
§ 116B-60 – Report of abandoned property; certification by holders with tax return.
116B-60. Report of abandoned property; certification by holders with tax return. (a) A holder of property presumed abandoned shall file a report in an electronic format prescribed by the Treasurer concerning the property. Holders shall file an electronic certification and verification in order to comply with subsection (f) of this section. (b) For amounts due […]
§ 116B-61 – Payment or delivery of abandoned property.
116B-61. Payment or delivery of abandoned property. (a) Upon filing the report required by G.S. 116B-60, the holder of property presumed abandoned shall pay, deliver, or cause to be paid or delivered to the Treasurer the property described in the report, but if the property is an automatically renewable deposit, and a penalty or forfeiture […]
§ 116B-62 – Preparation of list of owners by Treasurer.
116B-62. Preparation of list of owners by Treasurer. (a) There shall be delivered annually in an electronic format to the Administrative Office of the Courts to be distributed to the clerk of superior court of each county a list prepared by the Treasurer of escheated and abandoned property reported to the Treasurer. The list shall […]
§ 116B-63 – Custody by State; recovery by holder; defense of holder.
116B-63. Custody by State; recovery by holder; defense of holder. (a) In this section, payment or delivery is made in "good faith" if all of the following apply: (1) Payment or delivery was made in a reasonable attempt to comply with this Chapter. (2) The holder was not then in breach of a fiduciary obligation […]
§ 116B-64 – Loss, income, or gain accruing after payment or delivery.
116B-64. Loss, income, or gain accruing after payment or delivery. If property other than money is delivered to the Treasurer under this Chapter, the owner is entitled to receive from the Treasurer any income or gain realized or accruing on the property at or before liquidation or conversion of the property into money. If the […]
§ 116B-65 – Public sale of abandoned property.
116B-65. Public sale of abandoned property. (a) Except as otherwise provided in this section, the Treasurer, within five years after the receipt of abandoned property, shall sell it to the highest bidder at public sale at a location in the State which in the judgment of the Treasurer affords the most favorable market for the […]
§ 116B-66 – Claim of another state to recover property.
116B-66. Claim of another state to recover property. (a) After property has been paid or delivered to the Treasurer under this Article, another state may recover the property if: (1) The property was paid or delivered to the custody of this State because the records of the holder did not reflect a last known location […]
§ 116B-67 – Claim for property paid or delivered to the Treasurer.
116B-67. Claim for property paid or delivered to the Treasurer. (a) A person, excluding another state, claiming property paid or delivered to the Treasurer may file a claim on a form prescribed by the Treasurer and verified by the claimant if the amount claimed exceeds five thousand dollars ($5,000). For all other claims, the Unclaimed […]
§ 116B-68 – Action to establish claim.
116B-68. Action to establish claim. A person aggrieved by a decision of the Treasurer or whose claim has not been acted upon within 90 days after its filing may maintain an original action to establish the claim in the Superior Court of Wake County, naming the Treasurer as a defendant. (1999-460, s. 6.)
§ 116B-69 – Election to take payment or delivery.
116B-69. Election to take payment or delivery. (a) The Treasurer may decline to receive property reported under this Chapter which the Treasurer considers to have a value less than the expenses of notice and sale. (b) A holder, with the written consent of the Treasurer and upon conditions and terms prescribed by the Treasurer, may […]