How long is a dormancy period?
In most cases, the dormancy period varies from 1 to 5 years depending on the property type. Utility deposits and refunds have a 1-year dormancy period. Wages have a 2-year dormancy period. Accounts payable items have a 5-year dormancy period. The dormancy holding periods are discussed in North Carolina General Statute 116B-53(c). They are also listed on the back of the ASD-159 reporting form.
