Bill Summary for S 728 (2011-2012)

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Bill: MODIFY ABANDONED PROPERTY PROVISIONS.

Summary date: 

Apr 20 2011

Bill Information:

View NCGA Bill Details2011-2012 Session
Senate Bill 728 (Public) Filed Tuesday, April 19, 2011
TO LIMIT THE SCOPE OF THE REGULATION OF PROPERTY FINDER AGREEMENTS TO ONLY THOSE AGREEMENTS THAT INVOLVE PROPERTY THAT IS PRESUMED ABANDONED.
Intro. by Hise.

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Bill summary

Amends GS 116B-78 to clarify that property finder agreements covered by the statute are those whose primary purpose is to locate, deliver, or recover property presumed abandoned. Also 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.