North Carolina General Statutes
Article 4 - North Carolina Unclaimed Property Act.
§ 116B-54 - Exclusion for forfeited reservation deposits, certain gift certificates or electronic gift cards, prepaid calling cards, certain manufactured home buyer deposits, certain credit balances, unclaimed lottery prizes, and certain merchandise...

116B-54. Exclusion for forfeited reservation deposits, certain gift certificates or electronic gift cards, prepaid calling cards, certain manufactured home buyer deposits, certain credit balances, unclaimed lottery prizes, and certain merchandise credits.
(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 the business association holds a specific service, such as a room accommodation at a hotel, seating at a restaurant, or an appointment with a doctor, for a specified date and place. The term "reservation deposit" does not include an application fee, a utility deposit, or a deposit made toward the purchase of real property.
(b) A gift certificate or electronic gift card is not abandoned property when the gift certificate or electronic gift card:
(1) Conspicuously states that the gift certificate or electronic gift card does not expire;
(2) Bears no expiration date; or
(3) States that a date of expiration printed on the gift certificate or electronic gift card is not applicable in North Carolina.
(c) A prepaid calling card issued by a public utility as defined in G.S. 62-3(23)a.6. is not abandoned property.
(d) A buyer deposit that a dealer is authorized to retain under either G.S. 143-143.21A or G.S. 143-143.21B is not abandoned property and is not subject to this Article.
(e) Credit balances as shown on the records of a business association to or for the benefit of another business association, shall not constitute abandoned property. For purposes of this section, the term "credit balances" means items such as overpayments or underpayments on the sale of goods or services.
(f) A lottery prize that remains unclaimed after the period set by the North Carolina State Lottery Commission for claiming those prizes shall not constitute abandoned property.
(g) A card or certificate, whether paper, electronic, or other format, issued for a merchandise credit that meets the requirements of subsection (b) of this section is not abandoned property under G.S. 116B-53(c)(7). (1999-460, s. 6; 2005-276, s. 31.1(w1); 2005-344, s. 7; 2015-218, s. 4.5(a).)

Structure North Carolina General Statutes

North Carolina General Statutes

Chapter 116B - Escheats and Abandoned Property

Article 4 - North Carolina Unclaimed Property Act.

§ 116B-51 - Short title.

§ 116B-52 - Definitions.

§ 116B-53 - Presumptions of abandonment.

§ 116B-54 - Exclusion for forfeited reservation deposits, certain gift certificates or electronic gift cards, prepaid calling cards, certain manufactured home buyer deposits, certain credit balances, unclaimed lottery prizes, and certain merchandise...

§ 116B-54.1 - Unclaimed United States savings bonds.

§ 116B-55 - Contents of safe deposit box or other safekeeping depository.

§ 116B-56 - Rules for taking custody.

§ 116B-57 - Dormancy charge; other lawful charges.

§ 116B-58 - Burden of proof as to property evidenced by record of check or draft.

§ 116B-59 - Notice by holders to apparent owners.

§ 116B-60 - Report of abandoned property; certification by holders with tax return.

§ 116B-61 - Payment or delivery of abandoned property.

§ 116B-62 - Preparation of list of owners by Treasurer.

§ 116B-63 - Custody by State; recovery by holder; defense of holder.

§ 116B-64 - Loss, income, or gain accruing after payment or delivery.

§ 116B-65 - Public sale of abandoned property.

§ 116B-66 - Claim of another state to recover property.

§ 116B-67 - Claim for property paid or delivered to the Treasurer.

§ 116B-68 - Action to establish claim.

§ 116B-69 - Election to take payment or delivery.

§ 116B-70 - Destruction or disposition of property having no substantial commercial value; immunity from liability; property of historical significance.

§ 116B-71 - Periods of limitation.

§ 116B-72 - Requests for reports and examination of records.

§ 116B-73 - Retention of records.

§ 116B-74 - Discretionary precompliance review.

§ 116B-75 - Enforcement.

§ 116B-76 - Interstate agreements and cooperation; joint and reciprocal actions with other states.

§ 116B-77 - Interest and penalties; waiver.

§ 116B-78 - Agreement to locate property between property finders and owners or apparent owners.

§ 116B-78.1 - Property finder regulation and enforcement.

§ 116B-79 - Transitional provisions.

§ 116B-80 - Rules.