§ 116B-2. This example, so honorable to the state which exhibited it, is most fit to be followed on this occasion. Unclaimed real and personal property escheats to the Escheat Fund. To help you stay on top of this changing information we’ve gathered state-specific information, such as unclaimed property reporting dates, unclaimed property dormancy periods, escheat laws, and additional state-specific resources. Likewise, if you don’t claim your wages, that money can also be escheated. § 116B-4. According to Black’s Law Dictionary (8th ed. The changes are as follows: The dormancy period for “wages and other compensation for personal services” has been reduced from 2 years to 1 year. What Funds Are Subject to Escheat Rules? It’s not only money in deposit accounts that will be escheated. North Carolina General Statutes includes North Carolina state laws on civil procedure, common law, evidence, criminal law, criminal procedure, offenses against public morals, motor vehicles, wills, landlord and tenant, divorce, and marriage. Legislative Building. License Law and Rules Comments The License Law and Rules Comments are intended to assist licensees and applicants with their knowledge of the North Carolina Real Estate License Law and Real Estate Commission rules. South Carolina Law > Code of Laws > Title 27. Read the code on FindLaw Definition of Gift Card/Gift Certificate: N.C. Gen. Stat. North Carolina General Statutes Chapter 116B. North Carolina law requires unclaimed property holders to report and remit unclaimed property on an annual basis after a dormancy period is met. Escheat is the forfeiture of all property (including bank accounts) to the state treasury if there are no heirs, descendants or named beneficiaries to take the property upon the death of the last known owner. CHAPTER 18. Here are some of the types of property that can go unclaimed and will be escheated: Checking accounts; Savings accounts; Payroll checks and … § 116B-1. 2004), escheat is the reversion of property to the state when the property has no known owner. 116B-9 can be said to be the general provision and Article 2 of Chapter 15 to be the specific provision. Contact Us . See North Carolina General Statutes 12-3; property: shall include all property, both real and personal. Escheats to Escheat Fund. The North Carolina General Assembly offers access to the Statutes on the Internet as a service to the public. § 116B-3. Short title. 2005 North Carolina Code - General Statutes Article 1 - Escheats. 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. 658, Part II, Section 34A. NC does not have a list for recent sales, it is not available to view. North Carolina Escheat – A gift certificate bearing an expiration date is deemed abandoned after 3 years of dormancy. 116B-19 addresses property held by any governmental official of any jurisdiction within the United States. Chapter 116B. Each state has its own unclaimed property rules and regulations that are updated frequently. Although both statutes relate to unclaimed property, Article 2 of Chapter 15 addresses property in the hands of North Carolina law enforcement officers while G.S. Article 1 - Escheats. Time Before Escheatment: Different Accounts by State Technically, unclaimed paychecks are subject to 'escheat' laws as unclaimed property under the laws of the state where the employee last worked. When the court in North Carolina declared the law of the state, which repealed a grant to its university, unconstitutional and void, the legislature had the candor and the wisdom to repeal the law. SECTION 27-18-10. It is a list of funds sent to the state. Unclaimed property can be bank accounts, wages, refunds, utility deposits, insurance policy proceeds, stocks, bonds, or contents of safe deposit boxes that have been abandoned. To avoid liability, the law requires only that the landowner avoid willful or wanton injury to the trespasser. 2005 North Carolina Code - Chapter 116B — Escheats and Abandoned Property. In NC, by law, the county must send all unclaimed money to the state after 3 years. Article 1. Uniform Unclaimed Property Act . Escheat is the reversion of property to a government entity in the absence of legal claimants or heirs. The topics listed here are of particular importance and/or are likely to be frequently encountered in the usual course of real estate practice.