North Carolina Escheats Law
Unclaimed property should be reported and remitted to the state. There are over 100 types of property that may become unclaimed. Generally, unclaimed property consists of bank accounts, wages, refunds, utility deposits, insurance policy proceeds, stocks, bonds, contents of safe deposit boxes, etc. that have been abandoned that is, for which there have been no documented transactions or contact with the owners for a statutory period of time known as a dormancy period. There is a detailed listing on the back of the ASD-159 reporting form. In most cases, the dormancy period varies from 1 to 5 years depending on the property type. The most common types are their respective dormancy periods are: refunds - 1-year, wages - 2-years, accounts payable items - 5-years. Per State regulations, a holder who fails to report, pay or deliver property within the time prescribed by law, or fails to perform duties required by this law, such as due diligence, will be subject to all penalties under G.S. 116B-77. This could include a daily interest penalty, a $1,000 civil penalty each day the report is withheld, plus 25% of the value of any property that should have been reported. Also, a holder who fails to report may be a likely audit candidate. For more information go to the State Treasurer's website at www.treasurer.state.nc.us.