§ 116B-54. Exclusion for forfeited reservation deposits, certain gift certificates or electronic gift cards, prepaid calling cards, certain manufactured home buyer deposits, and certain credit balance
§ 116B‑54. Exclusion for forfeited reservationdeposits, certain gift certificates or electronic gift cards, prepaid callingcards, certain manufactured home buyer deposits, and certain credit balances.
(a) A forfeited reservation deposit is not abandoned property.For the purposes of this section, the term "reservation deposit"means an amount of money paid to a business association to guarantee that thebusiness association holds a specific service, such as a room accommodation ata hotel, seating at a restaurant, or an appointment with a doctor, for aspecified date and place. The term "reservation deposit" does notinclude an application fee, a utility deposit, or a deposit made toward thepurchase of real property.
(b) A gift certificate or electronic gift card is not abandonedproperty when the gift certificate or electronic gift card:
(1) Conspicuously states that the gift certificate or electronicgift card does not expire;
(2) Bears no expiration date; or
(3) States that a date of expiration printed on the giftcertificate or electronic gift card is not applicable in North Carolina.
(c) A prepaid calling card issued by a public utility as definedin G.S. 62‑3(23)a.6. is not abandoned property.
(d) A buyer deposit that a dealer is authorized to retain undereither G.S. 143‑143.21A or G.S. 143‑143.21B is not abandonedproperty and is not subject to this Article.
(e) Credit balances as shown on the records of a businessassociation to or for the benefit of another business association, shall notconstitute abandoned property. For purposes of this section, the term"credit balances" means items such as overpayments or underpaymentson the sale of goods or services.
(f) A lottery prize that remains unclaimed after the period setby the North Carolina State Lottery Commission for claiming those prizes shallnot constitute abandoned property. (1999‑460, s.6; 2005‑276, s. 31.1(w1); 2005‑344, s. 7.)