State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-392

§ 53‑392.  Unclaimeddividends held in trust.

Unclaimed dividends for claimsdescribed in subdivisions (a)(1) through (a)(4) of G.S. 53‑389 shall beheld by the Commissioner in trust for the claimants to whom the dividends areowed; and the dividends so held by the Commissioner shall be paid over to thepersons entitled to the dividends when they furnish satisfactory evidence oftheir right to the dividends. In case of doubtful or conflicting claims, theCommissioner may apply to the superior court, by motion in the pending action,for an order from the resident or presiding judge of the superior courtdirecting the payment of the dividends so claimed. Issues of fact raised bymotion may, upon request of any claimant, be determined as in other civilactions. Interest earned on any unclaimed dividends so held shall be appliedtoward defraying the expenses incurred in the distribution of the unclaimeddividends. The balance of interest, if any, shall be deposited and held asother funds to the credit of the Commissioner. After the Commissioner has heldany unclaimed dividends in trust under the provisions of this statute for thecreditors of the liquidated State trust company for a period of three yearsfollowing the resumption of business by or cancellation of the charter of theState trust company, the unclaimed dividends shall be subject to the provisionsof Chapter 116B of the General Statutes. Upon payment of unclaimed dividends tothe State Treasurer, the Commissioner shall be fully discharged from all furtherliability therefor. (2001‑263, s. 1.)