NORTH CAROLINA GENERAL ASSEMBLY
1967 SESSION

CHAPTER 1227
HOUSE BILL 1359

AN ACT TO PROVIDE FOR ESCHEAT OF FUNDS DEPOSITED AS AN INDEMNITY FOR MOTOR VEHICLE COLLISION DAMAGES UNDER THE MOTOR VEHICLE SAFETY AND FINANCIAL RESPONSIBILITY ACT OF 1953 AFTER NOTICE TO DEPOSITORS IF SUCH FUNDS REMAIN UNCLAIMED FOR FIVE YEARS.

The General Assembly of North Carolina do enact:

Section 1.  G.S. 20-279.10, as the same appears in the 1965 Replacement Volume 1C of the General Statutes, is amended by designating the existing paragraph thereof as Section "(a)" and adding a new paragraph to be designated Section "(b)" to read as follows:
"(b)	One year from the deposit of any security under the terms of this Article the Commissioner shall notify the depositor thereof by registered mail addressed to his last known address that the depositor is entitled to a refund of the security upon giving reasonable evidence that no action at law for damages arising out of the accident in question is pending or that no judgment rendered in any such action remains unpaid. If, at the end of three years from the date of deposit, no claim therefor has been received the Department shall notify the depositor thereof by registered mail and shall cause a notice to be posted at the courthouse door of the county in which is located the last known address of the depositor for a period of 60 days. Such notice shall contain the name of the depositor his last known address, the date, amount and nature of the deposit, and shall state the conditions under which the deposit will be refunded. If at the end of two years from the date of posting of such notice, no claim for the deposit has been received, the Commissioner shall certify such fact together with the facts of notice to the State Treasurer and the Treasurer shall turn such deposit over to the University of North Carolina as an escheat.
Sec. 2.  All laws and clauses of laws in conflict with this Act are hereby repealed.
Sec. 3.  This Act shall become effective upon its ratification.
In "the General Assembly read three times and ratified, this the 6th day of July, 1967.