NORTH CAROLINA GENERAL ASSEMBLY

1971 SESSION

CHAPTER 1111

SENATE BILL 680

AN ACT TO PROVIDE A STATUTE OF LIMITATIONS GOVERNING PROPERTY WHICH HAS ESCHEATED TO THE UNIVERSITY OF NORTH CAROLINA.

The General Assembly of North Carolina enacts:

Section 1.  Any property, real or personal, which has escheated to the University of North Carolina or the Escheat Fund, of which the State Treasurer is custodian, shall be subject to refund for a period of seven years from the date on which it first became due and payable to the Escheat Fund. After the expiration of seven years, the University or Escheat Fund and the State Treasurer as custodian shall cease to be liable and may not pay such funds to one claiming to be the rightful owner.

No action may be brought after the expiration of the seven year period against the State, the University, the Escheat Fund and the State Treasurer or any agents thereof for the refund of escheated property.

Sec. 2.  This act shall become effective July 1, 1971, and shall apply to all funds previously escheated to the University of North Carolina and to subsequent escheats, except that as to any funds held by the University on which the statute shall have run on July 1, 1971, the rightful owners shall have until January 1, 1972 to make their claims.

In the General Assembly read three times and ratified, this the 21st day of July, 1971.