§ 58-30-235. Unclaimed and withheld funds. - North Carolina Statutes

§58‑30‑235.  Unclaimed and withheld funds.

(a)        All unclaimed fundssubject to distribution remaining in the liquidator's hands when he is ready toapply to the Court for discharge, including the amount distributable to anycreditor, shareholder, member, or other person who is unknown or cannot befound, shall be deposited with the State Treasurer, and shall be paid withoutinterest except in accordance with G.S. 58‑30‑220 to the personentitled thereto or his legal representative upon proof satisfactory to theState Treasurer of his right thereto.  Any amount on deposit not claimed withinsix years from the discharge of the liquidator shall be considered abandonedand shall be escheated without formal escheat proceedings.

(b)        All funds withheldunder G.S. 58‑30‑195 and not distributed shall upon discharge ofthe liquidator be deposited with the State Treasurer and paid by him inaccordance with G.S. 58‑30‑220.  Any sums remaining that under G.S.58‑30‑220 would revert to the undistributed assets of the insurershall be transferred to the State Treasurer and become the property of theState under subsection (a) of this section, unless the Commissioner in hisdiscretion petitions the Court to reopen the liquidation under G.S. 58‑30‑245.(1989, c. 452, s. 1.)