§ 116B-61. Payment or delivery of abandoned property. - North Carolina Statutes

§ 116B‑61.  Paymentor delivery of abandoned property.

(a)        Upon filing the report required by G.S. 116B‑60, theholder of property presumed abandoned shall pay, deliver, or cause to be paidor delivered to the Treasurer the property described in the report, but if theproperty is an automatically renewable deposit, and a penalty or forfeiture inthe payment of interest would result, the time for compliance is extended tothe next filing and delivery date at which a penalty or forfeiture would nolonger result.

(b)        If the property reported to the Treasurer is a security orsecurity entitlement under Article 8 of Chapter 25 of the General Statutes, theTreasurer is an appropriate person to make an indorsement, instruction, orentitlement order on behalf of the apparent owner to invoke the duty of theissuer or its transfer agent or the securities intermediary to transfer ordispose of the security or the security entitlement in accordance with Article8 of Chapter 25 of the General Statutes.

(c)        If the holder of property reported to the Treasurer is theissuer of a certificated security, the Treasurer has the right to obtain areplacement certificate pursuant to G.S. 25‑8‑405, but an indemnitybond is not required.

(d)        An issuer, the holder, and any transfer agent or otherperson acting pursuant to the instructions of and on behalf of the issuer orholder in accordance with this section is not liable to the apparent owner andmust be indemnified against claims of any person in accordance with G.S. 116B‑63.(1979, 2nd Sess., c. 1311,s. 1; 1981, c. 531, s. 14; 1987, c. 163, s. 6; 1993, c. 541, s. 7; 1999‑460,s. 6.)