§ 116B-79. Transitional provisions. - North Carolina Statutes

§ 116B‑79. Transitional provisions.

(a)        An initial report filed under this Article for property thatwas not required to be reported before the effective date of this Article butwhich is subject to this Article must include all items of property that wouldhave been presumed abandoned during the 10‑year period next preceding theeffective date of this Article as if this Article had been in effect duringthat period.

(b)        This Article does not relieve a holder of a duty that arosebefore the effective date of this Article to report, pay, or deliver property.Except as otherwise provided in G.S 116B‑71(b) and G.S. 116B‑77(d),a holder who did not comply with the law in effect before the effective date ofthis Article is subject to the applicable provisions for enforcement andpenalties which then existed, which are continued in effect for the purpose ofthis section. (1999‑460, s.6.)