North Carolina · statute · N.C. Gen. Stat. ch. 116B · 41 active provisions
Policy and interpretation. The policy of the State is to recover and transfer property to rightful owners in a manner that is consistent with the interest of the rightful owners. Where the rightful owner cannot be appropriately determined, it is the policy of the State that all benefits realized from any unclaimed or a…
Escheats to Escheat Fund. All real estate which has accrued to the State since June 30, 1971, or shall hereafter accrue from escheats, shall be vested in the Escheat Fund. Title to any such real property which has escheated to the Escheat Fund shall be conveyed by deed in the manner now provided by G.S. 146-74 through…
Unclaimed real and personal property escheats to the Escheat Fund. Whenever the owner of any real or personal property situated or located within this State dies intestate, or dies testate but did not dispose of all real or personal property by will, without leaving surviving any heirs, as defined in G.S. 29-2(3), to i…
Unclaimed personalty on settlements of decedents' estates to the Escheat Fund. All sums of money or other personal estate of whatever kind which shall remain in the hands of any administrator, executor, administrator c.t.a., or personal representative when the administration of an estate of a person dying intestate, or…
Claim for escheated property. Any escheated property or proceeds from the sale of escheated property held by the Escheat Fund pursuant to G.S. 116B-5 may be claimed by an heir of the decedent or by a creditor of the decedent who is not barred from presenting a claim under the provisions of Article 19 of Chapter 28A of…
Escheat Fund. All property escheated or abandoned under the provisions of this Chapter and all property escheated or abandoned since June 30, 1971, under the provisions of former Chapter 116A, as amended, shall be paid into a fund to be administered by the Treasurer, which fund shall be designated the Escheat Fund. No…
Administration of Escheat Fund; Escheat Account. (a) Escheat Account. - All funds received by the Treasurer as escheated or abandoned property and which were transferred prior to January 1, 1980, to the trust fund created under G.S. 116-209 shall remain in that trust fund and shall be placed in a special fund, designat…
Distribution of fund. (a) The income derived from the investment or deposit of the Escheat Fund shall be distributed annually on or before August 15 to the State Education Assistance Authority for grants and loans to aid worthy and needy students who are residents of this State and are enrolled in public institutions o…
Employment of persons with specialized skills or knowledge. The Treasurer may employ the services of such independent consultants, real estate managers and other persons possessing specialized skills or knowledge as the Treasurer deems necessary or appropriate for the administration of this Chapter, including valuation…
Short title. This Article may be cited as the "North Carolina Unclaimed Property Act." (1999-460, s. 6.)
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…
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 indicat…
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 pu…
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 th…
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 Treasure…
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 of the holder…
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…
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 of the property and…
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,…
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 t…
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 o…
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 sh…
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 with respect to t…
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 p…
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 pr…