§ 116B-71. Periods of limitation. - North Carolina Statutes

§ 116B‑71.  Periodsof limitation.

(a)        The expiration, before or after the effective date of thisArticle, of a period of limitation on the owner's right to receive or recoverproperty, whether specified by contract, statute, or court order, does notpreclude the property from being presumed abandoned or affect a duty of aholder to file a report or to pay or deliver or transfer property to theTreasurer as required by this Article.

(b)        An action or proceeding may not be maintained by theTreasurer to enforce this Article in regard to the reporting, delivery, orpayment of property more than five years after the holder filed a report withthe Treasurer in which the holder specifically identified property, should havebut failed to identify property, or gave express notice to the Treasurer of adispute regarding property. In the absence of such a report or other expressnotice, the period of limitation is tolled. The period of limitation is alsotolled by the filing of a report that is fraudulent. (1979, 2nd Sess., c. 1311, s. 1; 1993, c. 541, s. 8;1999‑460, s. 6.)