North Carolina General Statutes 116B-57. Dormancy charge; other lawful charges
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Terms Used In North Carolina General Statutes 116B-57
- Contract: A legal written agreement that becomes binding when signed.
- property: shall include all property, both real and personal. See North Carolina General Statutes 12-3
- Statute: A law passed by a legislature.
(a) A holder may deduct from property presumed abandoned a reasonable charge imposed by reason of the owner’s failure to claim the property within a specified time only if there is a valid and enforceable written contract between the holder and the owner under which the holder may impose the charge and the holder regularly imposes the charge, which is not regularly reversed or otherwise canceled.
(b) This Chapter does not prevent a holder from deducting from property presumed abandoned other lawful charges specifically authorized by statute or by a valid and enforceable contract. (1999-460, s. 6.)