Claims Frequently Asked Questions

Claims are processed in the order that they are received. In general, claims are reviewed and validated within 90 days. Once your claim is assigned to a Claims Specialist, they will contact you if any additional information or documents are needed. You will be notified via email if/when your claim is approved for payment. You may check the progress of your claim at www.nccash.com.

Generally speaking, North Carolina does not withhold taxes on any property remitted to it. You may wish to speak with the Holder that reported the property regarding any taxes which may have been withheld prior to remittance, if applicable. Unfortunately, this office cannot provide tax advice regarding specific properties. You may wish to speak with your tax professional regarding this issue.

You will need to contact the Clerk of Superior Court in the County that your relative resided prior to his or her passing. They should be able to help you get the appropriate documentation together to claim the property. Once you have gotten the documentation in order, you may proceed with claiming the property via www.nccash.com.

The Clerk of Superior Court is statutorily mandated to administer all decedents’ estates. Under certain circumstances less documentation is needed to administer an estate than others. Consequently, the Clerk of Superior Court can help you determine which is the most efficient route to take.

Generally speaking, the Unclaimed Property Division requires current, valid and legally enforceable documentation showing that the person claiming the property has the authority to do so on behalf of the decedent. The Clerk of Superior Court can help you figure out what that documentation needs to be.

Maybe, depending on the way the property was reported to us. If the property was reported as survivorship property or property that would belong completely to either Owner, you would be able to claim the entire amount with proper documentation. If the property was reported as common property that did not have survivorship rights, you will need to contact the Clerk of Court in the County that your relative resided prior to his or her passing in order to obtain the appropriate documentation to claim the property.

• The business or organization that was holding your shares is required by North Carolina statute to turn over the shares after the shares have gone unclaimed.
• Shares of stock are turned over to the Unclaimed Property Division for safekeeping after there has been no contact from the owner for three years AND after the holder makes a good faith effort to locate the owner.
• The shares are then held by UPD for an additional three years before the shares are sold.
• Proceeds from the share sale are deposited into the Unclaimed Property Fund and held as cash in the original owner’s name.

If your unclaimed shares have not yet been liquidated, in most cases, you have two options when claiming them.

• RE-REGISTER SHARES:  Most securities can be re-registered at no cost. A small number of stock issuers require shareholders to have actual paper certificates issued when re-registered. The stock issuer charges a fee to issue paper certificates. The fee may be several hundred dollars and must be paid prior to initiating the re-registration. In some cases, you must have a brokerage account, or open a new brokerage account, for the shares to be transferred. 
• LIQUIDATE SHARES:  Most securities can be liquidated and returned to the claimant as cash. If you elect to liquidate your shares, a small fee is withheld from the proceeds.

No. UPD sells securities on a regular schedule. Shares held by UPD are liquidated after 3 years if unclaimed and requested liquidations are processed as soon as is practical after the request, without regard to share price.

Certain securities have restrictions placed on their ability to transfer that are beyond our control. The shares could be worthless, or they could be “chilled” or “frozen,” which means our transfer agent is prohibited from transferring or liquidating the shares. In some circumstances, there are also restrictions on the liquidation of certain mutual fund shares.

Once your claim has been validated by a Claims Specialist, a request is sent to our Custodian to have the shares liquidated. Typically, the proceeds are received and applied to your claim within two weeks. Time could vary due to specific security limitations: thinly traded, trade restrictions, position held, etc.

For shares of stock and some mutual funds, only whole shares can be reregistered. For most mutual funds, fractional shares can be reregistered. Fractional shares that cannot be reregistered are liquidated, and the proceeds are returned to you upon completion of processing your claim.