Bill Summary for H 733 (2011-2012)

Summary date: 

Apr 6 2011

Bill Information:

View NCGA Bill Details2011-2012 Session
House Bill 733 (Public) Filed Wednesday, April 6, 2011
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.
Intro. by Jordan, Starnes, Stevens.

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Bill summary

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.

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