§ 28C-19. Absentee Insurance Fund. - North Carolina Statutes

§28C‑19.  Absentee Insurance Fund.

(a)        In each case oftermination of the receivership, as provided in G.S. 28C‑12, subdivisions(1) and (3), the judge shall set aside the sum therein named for the AbsenteeInsurance Fund and direct its payment by the receiver to the Treasurer of theState, who shall be liable therefor upon his official bond as for other moneysreceived by him in his official capacity.

(b)        The Treasurer shallretain, invest and reinvest all funds thus paid in a separate account entitledthe "Absentee Insurance Fund," and add thereto as received theinterest or other earnings.

(c)        If at any timethereafter, a person declared an absentee whose estate has been distributedunder a final finding and decree made as provided in G.S. 28C‑13 shall personallyappear before the Treasurer and make claim for reimbursement from such fund,the superior court may in an action commenced in the Superior Court of WakeCounty by such person against the Treasurer, enter a judgment ordering paymentto the claimant of such part of the accumulated fund from all sources as in itsopinion is found to be fair, adequate and reasonable under the circumstances,taking into account the disposition made of his property, the reasons for hisabsence, and any other relevant matters.

(d)        An action forcompensation from the Absentee Insurance Fund shall be begun within three yearsfrom the time of the absentee's return. In cases of infancy or other disabilityrecognized by law, persons under such disability shall have one year after theremoval of such disability within which to begin the action.

(e)        The Treasurer ofthe State shall from time to time prescribe the rate to be charged for the"Absentee Insurance Fund" under G.S. 28C‑12, subdivisions (1)and (3) on the basis of actuarial experience. (1965, c. 815, s. 1; 1973, c.1329, s. 2.)