North Dakota Code 47-30.2-31 – (602) Dormancy charge
Current as of: 2023 | Check for updates
|
Other versions
1. A holder may deduct a dormancy charge from property required to be paid or delivered to the administrator if:
Terms Used In North Dakota Code 47-30.2-31
- Contract: A legal written agreement that becomes binding when signed.
- Property: includes property, real and personal. See North Dakota Code 1-01-49
- written: include "typewriting" and "typewritten" and "printing" and "printed" except in the case of signatures and when the words are used by way of contrast to typewriting and printing. See North Dakota Code 1-01-37
a. An enforceable written contract between the holder and the apparent owner authorizes imposition of the charge for the apparent owner’s failure to claim the property within a specified time; and
b. The holder regularly imposes the charge and regularly does not reverse or otherwise cancel the charge.
2. Charges authorized under this section may only be charged until the respective property is deemed abandoned.