§ 116B-76. Interstate agreements and cooperation; joint and reciprocal actions with other states. - North Carolina Statutes

§ 116B‑76. Interstate agreements and cooperation; joint and reciprocal actions with otherstates.

(a)        The Treasurer may enter into an agreement with another stateto exchange information relating to abandoned property or its possibleexistence. The agreement may permit the other state, or another person actingon behalf of a state, to examine records as authorized in G.S. 116B‑72.The Treasurer by rule may require the reporting of information needed to enablecompliance with an agreement made under this section and prescribe the form.

(b)        The Treasurer may join with another state to seekenforcement of this Chapter against any person who is or may be holdingproperty reportable under this Chapter.

(c)        At the request of another state, the Attorney General ofthis State may maintain an action on behalf of the other state to enforce, inthis State, the unclaimed property laws of the other state against a holder ofproperty subject to escheat or a claim of abandonment by the other state, ifthe other state has agreed to pay expenses incurred by the Attorney General inmaintaining the action.

(d)        The Treasurer may request that the attorney general ofanother state or another attorney commence an action in the other state onbehalf of the Treasurer. With the approval of the Attorney General of thisState, the Treasurer may retain any other attorney to commence an action inthis State on behalf of the Treasurer. This State shall pay all expenses,including attorneys' fees, in maintaining an action under this subsection. Withthe Treasurer's approval, the expenses and attorneys' fees may be paid frommoney received under this Chapter. The Treasurer may agree to pay expenses andattorneys' fees based in whole or in part on a percentage of the value of anyproperty recovered in the action. Any expenses or attorneys' fees paid underthis subsection may not be deducted from the amount that is subject to theclaim by the owner under this Chapter.

(e)        The Treasurer is authorized to make such expenditures fromthe funds of the Escheat Fund as may be necessary to effectuate the provisionsof this section. (1979, 2nd Sess.,c. 1311, s. 1; 1999‑460, s. 6.)