North Carolina Notice of Sale of Abandoned or Unclaimed Personal Property at Public Auction - Abandonment

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US-00792BG
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Description

Abandonment is the act of intentionally relinquishing, without reservation, a known right without reference to any particular person or purpose. In some jurisdictions, carriers, innkeepers and other designated parties are authorized by statute to sell abandoned or unclaimed freight, baggage or other personal property under specified conditions. These statutes generally require that the property remain unclaimed for a designated period and that notice of the sale be given.


A notice of sale of abandoned property must be given in strict compliance with the terms of the governing statute. Notice of a public sale of unclaimed or abandoned property is typically required to be published in a newspaper of general circulation in the county where the sale is to be held.


Most states have enacted legislation providing for the escheat of abandoned and unclaimed property, or giving custody of such property to the state. These statutes generally set forth procedures, whereby the owner may file a claim and obtain restoration of the property within a designated period of time.

How to fill out Notice Of Sale Of Abandoned Or Unclaimed Personal Property At Public Auction - Abandonment?

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FAQ

Dormancy periods in North Carolina for common property types include: Wages, Payroll or Salary: One year. Checking and Savings Accounts: Five years. Money Orders: Seven years.

Property is considered abandoned if there have been no documented transactions or contact with the owners for a period of time known as a dormancy period.

A presumption of abandonment shall arise 10 or more days after the landlord has posted conspicuously a notice of suspected abandonment both inside and outside the premises and has received no response from the tenant.

If you leave property worth a total of $500 or less in the home, you have 5 days to retrieve it; if it is worth more than $500, you have 7 days. If you have not yet arranged to move your things in this time period, the landlord can dispose of them.

If you have additional questions regarding your claim, and would like assistance, please contact our office by calling 866-NCCash1 (866-622-2741) or at unclaimed.property@nctreasurer.com and one of our representatives will be happy to assist you.

To qualify as abandonment, the abandoning spouse must simultaneously have no justification, no consent from the other spouse to separate, and no intent to move back in. These three elements are important because they protect people who may need to leave their marriage immediately for their own safety and well-being.

Report of abandoned property; certification by holders with tax return. (a) A holder of property presumed abandoned shall file a report in an electronic format prescribed by the Treasurer concerning the property.

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North Carolina Notice of Sale of Abandoned or Unclaimed Personal Property at Public Auction - Abandonment