Chapter 116B Escheats and Abandoned Property
Article 1 - Escheats.
- § 116B-1 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...
- § 116B-2 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...
- § 116B-3 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...
- § 116B-4 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...
- § 116B-5 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...
- § 116B-6 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...
- § 116B-7 Distribution of fund
(a) The income derived from the investment or deposit of the Escheat Fund shall be distributed annually on or before July 15 to the State...
- § 116B-8 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...
- § 116B-9 Reserved for future codification purposes
Article 2 - Abandoned Property.
Article 3 - Administration of Abandoned Property.
- § 116B-27 Recodified as § 116B-5 by Session Laws 1999-460, s. 3(b)
- § 116B-28 through 116B-35 Repealed by Session Laws 1999-460, s. 3(a), effective January 1, 2000
- § 116B-36 Recodified as § 116B-6 by Session Laws 1999-460, s. 3(b)
- § 116B-37 Recodified as § 116B-7 by Session Laws 1999-460, s. 3(b)
- § 116B-38 through 116B-46 Repealed by Session Laws 1999-460, s. 3(a), effective January 1, 2000
- § 116B-47 Recodified as § 116B-8 by Session Laws 1999-460, s. 3(b)
- § 116B-48 through 116B-49 Repealed by Session Laws 1999-460, s. 3(a), effective January 1, 2000
- § 116B-50 Reserved for future codification purposes
Article 4 - North Carolina Unclaimed Property Act.
- § 116B-51 Short title
This Article may be cited as the "North Carolina Unclaimed Property Act." (1999‑460, s. 6.)
- § 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,...
- § 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...
- § 116B-54 Exclusion for forfeited reservation deposits, certain gift certificates or electronic gift cards, prepaid calling cards, certain manufactured home buyer deposits, and certain credit balances
(a) A forfeited reservation deposit is not abandoned property. For the purposes of this section, the term "reservation deposit" means an amount of money paid...
- § 116B-55 Contents of safe deposit box or other safekeeping depository
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...
- § 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...
- § 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...
- § 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...
- § 116B-59 Notice by holders to apparent owners
(a) A holder of property presumed abandoned shall make a good faith effort to locate an apparent owner. (b) The holder shall send written notice,...
- § 116B-60 Report of abandoned property; certification by holders with tax return
(a) A holder of property presumed abandoned shall make a report to the Treasurer concerning the property. (b) The report must be verified and must...
- § 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...
- § 116B-62 Preparation of list of owners by Treasurer
(a) There shall be delivered to the clerk of superior court of each county prior to June 30 of each year a list prepared by...
- § 116B-63 Custody by State; recovery by holder; defense of holder
(a) In this section, payment or delivery is made in "good faith" if: (1) Payment or delivery was made in a reasonable attempt to comply...
- § 116B-64 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...
- § 116B-65 Public sale of abandoned property
(a) Except as otherwise provided in this section, the Treasurer, within three years after the receipt of abandoned property, shall sell it to the highest...
- § 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...
- § 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...
- § 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...
- § 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...
- § 116B-70 Destruction or disposition of property having no substantial commercial value; immunity from liability; property of historical significance
(a) If the Treasurer determines after investigation that property delivered under this Chapter has no substantial commercial value, the Treasurer may destroy or otherwise dispose...
- § 116B-71 Periods of limitation
(a) The expiration, before or after the effective date of this Article, of a period of limitation on the owner's right to receive or recover...
- § 116B-72 Requests for reports and examination of records
(a) The Treasurer may require a person who has not filed a report, or a person who the Treasurer believes has filed an inaccurate, incomplete,...
- § 116B-73 Retention of records
(a) Except as otherwise provided in subsection (b) of this section, a holder required to file a report under G.S. 116B‑60 shall maintain the records...
- § 116B-74 Discretionary precompliance review
A holder may request the Treasurer to conduct a precompliance review of the holder's compliance program to educate the holder's employees on the unclaimed property...
- § 116B-75 Enforcement
(a) The Treasurer may maintain an action in this or another state to enforce this Chapter. (b) The Treasurer may order a person required to...
- § 116B-76 Interstate agreements and cooperation; joint and reciprocal actions with other states
(a) The Treasurer may enter into an agreement with another state to exchange information relating to abandoned property or its possible existence. The agreement may...
- § 116B-77 Interest and penalties; waiver
(a) A holder who fails to report, pay, or deliver property within the time prescribed by this Chapter shall pay to the Treasurer interest at...
- § 116B-78 Agreement to locate property
(a) An agreement by an owner, the primary purpose of which is to locate, deliver, recover, or assist in the recovery of property that is...
- § 116B-79 Transitional provisions
(a) An initial report filed under this Article for property that was not required to be reported before the effective date of this Article but...
- § 116B-80 Rules
The Treasurer may adopt rules necessary to carry out this Chapter. (1979, 2nd Sess., c. 1311, s. 1; 1987, c. 827, s. 19; 1989, c....
