GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2001

SESSION LAW 2001-226
SENATE BILL 220

AN ACT TO AMEND THE LAW DEFINING THE TIME STOCK AND OTHER EQUITY INTERESTS IN BUSINESS ASSOCIATIONS ARE PRESUMED ABANDONED FOR PURPOSES OF THE NORTH CAROLINA UNCLAIMED PROPERTY ACT AS RECOMMENDED BY THE GENERAL STATUTES COMMISSION.

The General Assembly of North Carolina enacts:

SECTION 1.  G.S. 116B‑53(c)(4) reads as rewritten:
"(c)	Property is presumed abandoned if it is unclaimed by the apparent owner during the time set forth below for the particular property:
…
(4)	Stock or other equity interest in a business association, including a security entitlement under Article 8 of the Uniform Commercial Code, Chapter 25 of the General Statutes, five years after the earlier of:
a.	The date of a cash dividend or other cash distribution unclaimed by the apparent owner, or
b.	The date a second consecutive mailing, notification, or communication from the holder to the apparent owner is returned to the holder as unclaimed by or undeliverable to the apparent owner;
…."
SECTION 2.  This act becomes effective October 1, 2001.
In the General Assembly read three times and ratified this the 6th day of June, 2001.

	s/	 Beverly E. Perdue
	 President of the Senate

	s/	 James B. Black
	 Speaker of the House of Representatives

	s/	 Michael F. Easley
	 Governor

Approved 4:35 p.m. this 15th day of June, 2001