(1) Escheats prior to July 1, 1971. All property that prior to July 1, 1971, accrued to the State from escheats, unclaimed dividends, or distributive shares of the estates of deceased persons shall be appropriated to the use of The University of North Carolina.
(2) Escheats after June 30, 1971. All property that, after June 30, 1971, shall accrue to the State from escheats, unclaimed dividends, or distributive shares of the estates of deceased persons shall be used to aid worthy and needy students who are residents of this State and are enrolled in public institutions of higher education in this State. The method, amount, and type of distribution shall be prescribed by law.
(1969, c. 827, § 1.)
History Note. - The provisions of this section are similar to those of Art. IX, § 7, Const. 1868.
Editor's Note. - The amendment adopted by vote of the people at the general election held Nov. 3, 1970, effective July 1, 1971, designated the former provisions of this section as subsection (1) and made changes therein so as to restrict the subsection's application to escheats prior to July 1, 1971, and added subsection (2).
CASE NOTES
The right of succession by escheat to all property, when no wife or husband or parties are entitled to inherit or take under the statutes of descent and distribution, was conferred upon The University of North Carolina by this section, and extended by several statutes. Board of Educ. v. Johnston, 224 N.C. 86, 29 S.E.2d 126 (1944), decided under former Art. IX, § 7, Const. 1868.
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