§ 116B-63. Custody by State; recovery by holder; defense of holder.
§ 116B‑63. Custodyby State; recovery by holder; defense of holder.
(a) In this section, payment or delivery is made in "goodfaith" if:
(1) Payment or delivery was made in a reasonable attempt tocomply with this Chapter;
(2) The holder was not then in breach of a fiduciary obligationwith respect to the property and had a reasonable basis for believing, based onthe facts then known, that the property was presumed abandoned; and
(3) There is no showing that the records under which the paymentor delivery was made did not meet reasonable commercial standards of practice.
(b) Upon payment or delivery of property to the Treasurer, theState assumes custody and responsibility for the safekeeping of the property. Aholder who pays or delivers property to the Treasurer in good faith is relievedof all liability arising thereafter with respect to the property.
(c) A holder who has paid money to the Treasurer pursuant tothis Chapter may subsequently make payment to a person reasonably appearing tothe holder to be entitled to payment. Upon a filing by the holder of proof ofpayment and proof that the payee was entitled to the payment, the Treasurershall promptly reimburse the holder for the payment without imposing a fee orother charge. If reimbursement is sought for a payment made on a negotiableinstrument, including a traveler's check or money order, the holder must bereimbursed upon filing proof that the instrument was duly presented and thatpayment was made to a person who reasonably appeared to be entitled to payment.The holder must be reimbursed for payment made even if the payment was made toa person whose claim was barred under G.S. 116B‑71(a).
(d) A holder who has delivered property other than money to theTreasurer pursuant to this Chapter may reclaim the property if it is still inthe possession of the Treasurer,without paying any fee or other charge, uponfiling proof that the apparent owner has claimed the property from the holder.
(e) The Treasurer may accept a holder's affidavit as sufficientproof of the holder's right to recover money and property under this section.
(f) If a holder pays or delivers property to the Treasurer ingood faith and thereafter another person claims the property from the holder oranother state claims the money or property under its laws relating to escheator abandoned or unclaimed property, the Treasurer, upon written notice of theclaim, shall defend the holder against the claim and indemnify the holderagainst any liability on the claim resulting from payment or delivery of theproperty to the Treasurer. (1979, 2nd Sess., c. 1311, s. 1; 1989, c. 114, s. 3; 1999‑460, s.6.)