H.B. 181
GENERAL ASSEMBLY OF NORTH CAROLINA
Feb 22, 2023
SESSION 2023 HOUSE PRINCIPAL CLERK
H D
HOUSE BILL DRH30094-NE-67
Short Title: Unclaimed Property Division Changes.-AB (Public)
Sponsors: Representative Hardister.
Referred to:
1 A BILL TO BE ENTITLED
2 AN ACT MAKING VARIOUS CHANGES TO THE UNCLAIMED PROPERTY DIVISION
3 STATUTES, AS RECOMMENDED BY THE DEPARTMENT OF STATE TREASURER.
4 The General Assembly of North Carolina enacts:
5 SECTION 1. G.S. 116B-52(11) reads as rewritten:
6 "(11) "Property" means (i) money currency or tangible personal property held by a
7 holder that is physically located in a safe deposit box or other safekeeping
8 depository held by a financial institution within this State or (ii) a fixed and
9 certain interest in intangible property or money currency that is held, issued,
10 or owed in the course of a holder's business, or by a government, governmental
11 subdivision, agency, or instrumentality, and all income or increments
12 therefrom. The term includes property that is referred to as or evidenced by:
13 …."
14 SECTION 2. G.S. 116B-59(a1) reads as rewritten:
15 "(a1) A holder of property that is presumed abandoned and that is either (i) a security or
16 other equity interest in a business association, including a security entitlement under Article 8 of
17 Chapter 25 of the General Statutes, that is valued at twenty-five dollars ($25.00) or more or (ii)
18 property, other than a security or other equity interest in a business association, including a
19 security entitlement under Article 8 of Chapter 25 of the General Statutes, that is valued at fifty
20 dollars ($50.00) or more shall send written notice by first-class mail to the apparent owner not
21 more than 120 days or less than 60 days before filing the report required by G.S. 116B-60. The
22 holder shall exercise reasonable care to ascertain that it is sending the written notice to the
23 apparent owner's correct address. A holder may authorize a third party to perform the duties
24 required by this subsection. Notwithstanding any third-party authorization, the holder bears
25 responsibility for a failure to comply with this section."
26 SECTION 3. G.S. 116B-60(a) reads as rewritten:
27 "(a) A holder of property presumed abandoned shall file a report in an electronic format
28 prescribed by the Treasurer concerning the property. Holders shall file an electronic certification
29 and verification in order to comply with subsection (f) of this section. A holder may authorize a
30 third party to perform the duties required by this subsection. Notwithstanding any third-party
31 authorization, the holder bears responsibility for a failure to comply with this section."
32 SECTION 4. G.S. 116B-62 reads as rewritten:
33 "§ 116B-62. Preparation of list of owners by Treasurer.
34 …
*DRH30094-NE-67*
 General Assembly Of North Carolina Session 2023
1 (c) The Treasurer is not required to include in any list any item of a value, as determined
2 by the Treasurer, in the Treasurer's discretion, of less than fifty dollars ($50.00), unless the
3 Treasurer deems inclusion of items of lesser amounts to be in the public interest.
4 …
5 (f) Notwithstanding the provisions of Chapter 132 of the General Statutes, any
6 supporting data, including aging reports, or lists of apparent owners of unclaimed property held
7 by a clerk of superior court or any other office of State or local government may be confidential
8 but shall be disclosed to the Treasurer in accordance with the reporting of escheated and
9 abandoned property. The supporting data and lists of apparent owners of escheated and
10 abandoned property held by the Treasurer may be confidential until 12 months after the list to
11 the clerks of superior court required by subsection (b) of this section has been distributed. The
12 Treasurer is not required to include in any list property values, unless, in the Treasurer's
13 discretion, the Treasurer deems inclusion of those values to be in the public interest. This
14 subsection shall not apply to owners of reported property making inquiries about their property
15 to the Escheat Fund."
16 SECTION 5. G.S. 116B-65(a) reads as rewritten:
17 "(a) Except as otherwise provided in this section, the Treasurer, within five years after the
18 receipt of abandoned property, shall sell it to the highest bidder at public sale at a location in the
19 State which in the judgment of the Treasurer affords the most favorable market for the property.
20 The Treasurer may decline the highest bid and reoffer the property for sale if the Treasurer
21 considers the bid to be insufficient. The Treasurer need not offer the property for sale if the
22 Treasurer considers that the probable cost of sale will exceed the proceeds of the sale. The
23 Treasurer shall give reasonable notice of the sale as he or she deems appropriate and
24 cost-effective, but, at a minimum, notice must shall be published at least two times a year in a
25 major newspaper in the State's major media markets. on the Treasurer's website. The Treasurer
26 is not required to sell money currency unless it is a collector's species having value greater than
27 the face value of the money currency as cash."
28 SECTION 6. G.S. 116B-78(d) reads as rewritten:
29 "(d) Means of Payment. – Any person who enters into an agreement covered by this
30 section with an owner shall be allowed to receive cash property, but not tangible property or
31 securities, on behalf of the owner but shall not be authorized to negotiate or deposit the check
32 made payable to the owner. Tangible property shall be delivered to the owner by the Treasurer,
33 and securities will be reregistered into the owner's name."
34 SECTION 7. This act is effective when it becomes law.
Page 2 DRH30094-NE-67


Statutes affected:
Filed: 116B-52, 116B-59, 116B-60, 116B-62, 116B-65, 116B-78
Edition 1: 116B-52, 116B-59, 116B-60, 116B-62, 116B-65, 116B-78
Edition 2: 116B-52, 116B-59, 116B-60, 116B-62, 116B-65, 116B-78, 7A-307
Ratified: 116B-52, 116B-59, 116B-60, 116B-62, 116B-65, 116B-78, 7A-307
SL 2023-88: 116B-52, 116B-59, 116B-60, 116B-62, 116B-65, 116B-78, 7A-307