North Carolina General Statutes Chapter 28C. Estates of Missing Persons § 28C-12. Termination of receivership
Current as of January 01, 2020 | Updated by FindLaw Staff
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Upon the entry of any final finding and decree as provided in G.S. 28C-11, the judge shall proceed to wind up the receivership and terminate the proceedings:
(1) In the case of a decree under G.S. 28C-11, subsection (a), that the absentee is dead:
a. By satisfying all outstanding expenses and costs of the receivership, and
b. By then deducting for the insurance fund provided in G.S. 28C-19 a sum equal to five percent (5%) of the total value of the property remaining for distribution upon settlement of the absentee's estate, including amounts paid to the estate from policies of insurance on the absentee's life, and
c. By then certifying the proceedings to the clerk of the superior court subject to an order by the judge administering the receivership, or
(2) In the case of a decree under G.S. 28C-11, subsection (b), revoking the finding that the missing person is an absentee:
a. By satisfying all outstanding expenses and costs of the receivership, and
b. By then returning his remaining property to him and rendering an accounting for that property not returned; or
(3) In the case of a decree under G.S. 28C-11, subsection (c), declaring that all interest of the absentee in his property has ceased:
a. By satisfying all outstanding expenses and costs of the receivership, and
b. By then satisfying all outstanding taxes, other debts and charges, and
c. By then deducting for the insurance fund provided in G.S. 28C-19 a sum equal to five percent (5%) of the total value of the property remaining, including amounts paid to the receivership estate from policies of insurance on the absentee's life, and
d. By transferring or distributing the remaining property as provided in G.S. 28C-13; and
(4) In all three cases by requiring the receiver's account, and upon its approval, discharging him and his bondsmen and entering a final decree terminating the receivership.
(a) At any time, during the receivership proceedings, upon application to the judge by any party in interest and presentation of satisfactory evidence of the absentee's death, the judge may make a final finding and decree that the absentee is dead; in which event the decree and transcript of all of the receivership proceedings shall be certified to the clerk of the superior court for any administration as may be required by law upon the estate of a decedent, and the judge shall proceed no further except for the purposes hereinafter set forth in G.S. 28C-12, subdivisions (1) and (4); or
(b) At any time during the receivership proceedings, upon application to the judge by any party in interest and presentation of satisfactory evidence of the absentee's existence and whereabouts, except as provided in G.S. 28C-20, the judge may be decree revoke his finding that he is an absentee, and the judge shall proceed no further except for the purposes hereinafter set forth in G.S. 28C-12, subdivisions (2) and (4); or
(c) After the lapse of five years from the date of the finding of disappearance provided for in G.S. 28C-6, if the absentee has not appeared and no finding and decree have been made in accordance with the provisions of either subsections (a) or (b) above, and subject to the provisions of G.S. 28C-14, the judge may proceed to take further evidence and thereafter make a final finding of such absence and enter a decree declaring that all interest of the absentee in his property, including property in which he has an interest as tenant by the entirety and other property in which he is co-owner with or without the right of survivorship, subject to the provisions of G.S. 28C-8(7), has ceased and devolved upon others by reason of his failure to appear and make claim.
Cite this article: FindLaw.com - North Carolina General Statutes Chapter 28C. Estates of Missing Persons § 28C-12. Termination of receivership - last updated January 01, 2020 | https://codes.findlaw.com/nc/chapter-28c-estates-of-missing-persons/nc-gen-st-sect-28c-12.html
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