Ask Reggi Your Question Now
Can you summarize NCGS Chapter 116B?
North Carolina General Statutes > Escheats and Abandoned Property
Short Summary
This legal provision in the North Carolina General Statutes governs the handling of unclaimed personal estate in the settlements of decedents’ estates. When the administration of an estate of a person who died intestate or partially intestate, without any known heirs, is ready to be closed and there are sums of money or other personal estate remaining unrecovered or unclaimed, such assets shall be paid or delivered to the State Treasurer as an escheat. The State Treasurer is authorized to demand, sue for, recover, and collect such unclaimed assets from the administrator, executor, or the clerk of the superior court. The State Treasurer holds the assets without liability for profit or interest, subject to any just claims. This provision also applies to the estate of a person missing for 30 days or more, and the State Treasurer may seek the appointment of a receiver under the provisions of Chapter 28C, Estates of Missing Persons. All property escheated or abandoned under this Chapter and since June 30, 1971, shall be paid into the Escheat Fund administered by the Treasurer. However, property previously paid or delivered to the University of North Carolina is not subject to this Chapter. The Escheat Fund’s income is distributed annually to the State Education Assistance Authority for grants and loans to aid worthy and needy students enrolled in public institutions of higher education in North Carolina. Additionally, a specified amount is transferred annually from the Escheat Fund to the Department of Military and Veterans Affairs to partially fund the program of Scholarships for Children of War Veterans. Heirs or creditors of a decedent may claim escheated property or proceeds from the sale of escheated property held by the Escheat Fund, subject to certain conditions. The State’s policy is to recover and transfer property to rightful owners or use the benefits for higher education if the rightful owner cannot be determined. This Chapter is to be interpreted liberally to fulfill these purposes.
Whom does it apply to?
The documents apply to individuals or entities who may have ownership or possession of abandoned property in North Carolina.
What does it govern?
The provided legal document content pertains to the topic of abandoned property in North Carolina. It governs the rights, obligations, and procedures related to abandoned property within the state.
What are exemptions?
The content does not specify any exemptions from its application.
What are the Penalties?
The penalties for non-compliance or violation of the provisions regarding abandoned property may vary depending on the specific circumstances and applicable laws. It is important to consult the relevant statutes or legal authorities for detailed information on penalties.
Jurisdiction
North Carolina