State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_93A > GS_93A-12

§ 93A‑12.  Disputedmonies.

(a)        A real estatebroker licensed under this Chapter may deposit with the clerk of court inaccordance with this section monies, other than a residential security deposit,the ownership of which are in dispute and that the real estate broker receivedwhile acting in a fiduciary capacity.

(b)        The disputed moniesshall be deposited with the clerk of court in the county in which the propertyfor which the disputed monies are being held is located. At the time ofdepositing the disputed monies, the real estate broker shall certify to theclerk of court that the persons who are claiming ownership of the disputedmonies have been notified in accordance with subsection (c) of this sectionthat the disputed monies are to be deposited with the clerk of court and thatthe persons may initiate a special proceeding with the clerk of court torecover the disputed monies.

(c)        Notice to thepersons who are claiming ownership to the disputed monies required undersubsection (b) of this section shall be provided by delivering a copy of thenotice to the person or by mailing it to the person by first‑class mail,postpaid, properly addressed to the person at the person's last known address.

(d)        A real estatebroker shall not deposit disputed monies with the clerk of court until 90 daysfollowing notification of the persons claiming ownership of the disputedmonies.

(e)        Upon the filing ofa special proceeding to recover the disputed monies, the clerk shall determinethe rightful ownership of the monies and distribute the disputed moniesaccordingly. If no special proceeding is filed with the clerk of court withinone year of the disputed monies being deposited with the clerk of court, thedisputed monies shall be deemed unclaimed and shall be delivered by the clerkof court to the State Treasurer in accordance with the provisions of Article 4of Chapter 116B of the General Statutes. (2005‑395, s. 12.)