TO PROVIDE THAT MULTIPLE PAYEE CHECKS MAY BE PRESUMED ABANDONED WITH RESPECT TO AN OWNER NOT CLAIMING THE CHECK WITHIN THREE YEARS AND TO LIMIT THE SCOPE OF THE REGULATION OF PROPERTY FINDER AGREEMENTS TO ONLY THOSE AGREEMENTS THAT INVOLVE PROPERTY THAT IS PRESUMED ABANDONED.
Amends GS 116B-53(c) to provide that money orders, cashier’s checks, teller’s checks, and certified checks issued to multiple payees are presumed abandoned three years after issuance with respect to a payee who has not claimed the property. Amends GS 116B-78 to specify that property finder agreements covered by the statute are those whose primary purpose is to locate or recover property presumed abandoned. Clarifies that agreements are void and unenforceable if entered into during the period starting on the date the property was presumed abandoned and extending as specified. Effective October 1, 2011.
© 2021 School of Government The University of North Carolina at Chapel Hill
This work is copyrighted and subject to "fair use" as permitted by federal copyright law. No portion of this publication may be reproduced or transmitted in any form or by any means without the express written permission of the publisher. Distribution by third parties is prohibited. Prohibited distribution includes, but is not limited to, posting, e-mailing, faxing, archiving in a public database, installing on intranets or servers, and redistributing via a computer network or in printed form. Unauthorized use or reproduction may result in legal action against the unauthorized user.