Unclaimed dividends for claims described in subdivisions (a)(1) through (a)(4) of
G.S. 53-389 shall be held by the Commissioner in trust for the claimants to whom the dividends
are owed; and the dividends so held by the Commissioner shall be paid over to the
persons entitled to the dividends when they furnish satisfactory evidence of their
right to the dividends. In case of doubtful or conflicting claims, the Commissioner may apply to the superior
court, by motion in the pending action, for an order from the resident or presiding
judge of the superior court directing the payment of the dividends so claimed. Issues of fact raised by motion may, upon request of any claimant, be determined
as in other civil actions. Interest earned on any unclaimed dividends so held shall be applied toward defraying
the expenses incurred in the distribution of the unclaimed dividends. The balance of interest, if any, shall be deposited and held as other funds to the
credit of the Commissioner. After the Commissioner has held any unclaimed dividends in trust under the provisions
of this statute for the creditors of the liquidated State trust company for a period
of three years following the resumption of business by or cancellation of the charter
of the State trust company, the unclaimed dividends shall be subject to the provisions
of Chapter 116B of the General Statutes. Upon payment of unclaimed dividends to the State Treasurer, the Commissioner shall
be fully discharged from all further liability therefor.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?
Response sent, thank you
Welcome to FindLaw's Cases & Codes
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.