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Can you summarize NCGS Chapter 116B, Article 4?
Escheats and Abandoned Property > North Carolina Unclaimed Property Act.
Short Summary
The North Carolina Unclaimed Property Act governs the treatment of unclaimed property in the state. It establishes the rights and obligations of holders of unclaimed property and provides procedures for reporting, payment, delivery, custody, and disposal of abandoned property. The Act applies to various entities, including individuals, businesses, financial organizations, insurance companies, and government entities. It also outlines exemptions for property with no substantial commercial value, property with recognized historic significance, and property regulated by other agencies or authorities. The Act does not specify specific penalties for non-compliance or violations.
Whom does it apply to?
The North Carolina Unclaimed Property Act applies to holders of unclaimed property, which includes individuals, businesses, financial organizations, insurance companies, and government entities. It also applies to the apparent owners or persons entitled to the abandoned property.
What does it govern?
The North Carolina Unclaimed Property Act governs the treatment of unclaimed property in the state. It covers the reporting, payment, delivery, custody, and disposal of abandoned property. The Act also addresses the rights and obligations of holders of unclaimed property and the procedures for filing claims for the recovery of abandoned property.
What are exemptions?
The Act provides exemptions for certain types of property, such as property with no substantial commercial value, property with recognized historic significance, and property that is regulated by other agencies or authorities. The Act also exempts certain charges imposed by holders for the failure to claim property within a specified time.
What are the Penalties?
The Act does not specify specific penalties for non-compliance or violations.
Jurisdiction
North Carolina