§ 116B-1. Escheats to Escheat Fund. - North Carolina Statutes

Chapter 116B.

Escheats and Abandoned Property.

Article 1.

Escheats.

§ 116B‑1.  Escheats to Escheat Fund.

All real estate which has accrued to the State since June 30, 1971, orshall hereafter accrue from escheats, shall be vested in the Escheat Fund. Titleto any such real property which has escheated to the Escheat Fund shall beconveyed by deed in the manner now provided by G.S. 146‑74 through G.S.146‑78, except as is otherwise provided herein: Provided, that in anyaction in the superior court of North Carolina wherein the State Treasurer is aparty, and wherein said court enters a judgment of escheat for any realproperty, then, upon petition of the State Treasurer in said action, said courtshall have the authority to appoint the State Treasurer or his designated agentas a commissioner for the purpose of selling said real property at a publicsale, for cash, at the courthouse door in the county in which the property islocated, after properly advertising the sale according to law. The said commissioner,when appointed by the court, shall have the right to convey a valid title tothe purchaser of the property at public sale. The funds derived from the saleof any such escheated real property by the commissioner so appointed shallthereafter be paid by him into the Escheat Fund. (Const., art. 9, s. 7; 1789, c. 306, s. 2; P.R.; R.C.,c. 113, s. 11; Code, s. 2626; Rev., s. 4282; C.S., s. 5784; 1947, c. 494; 1961,c. 257; 1971, c. 1135, s. 2; 1979, 2nd Sess., c. 1311, s. 1.)