Is a holder required to do anything to locate the owner prior to remitting the funds?
YES! A holder must perform due diligence. North Carolina General Statute 116B-59 requires that: (1) a holder make a good faith effort to locate the owner and (2) a holder shall send a written notice (NCGS 116B-59(c) defines what should be included in the notice. A sample notice is also available under the Guides to Unclaimed Property on our website.), by first-class mail, to the apparent owner, not more than 120 days or less than 60 days before filing the report to the last known address of the apparent owner as reflected in the holder’s records, if the value of the property is $50.00 or more. Holders not performing this requirement may be subject to penalties per NCGS 116B-77.
