Tangible Unclaimed Property

In accordance with North Carolina General Statute 116B-55, financial institutions, hospitals and other businesses forward unclaimed tangible property, such as coins, jewelry, stamps or silver, to the Unclaimed Property Program after the owners abandon these items and can not be located.

Following at least a one year hold period, these items are sold through a co-operative effort with State Surplus Property. The unclaimed property is sold through a bid process, which can be viewed at www.ncstatesurplus.com, or through retail sales, at the State Surplus Facility located at 6501 Chapel Hill Road, Hwy 54 in Raleigh.

The revenue generated from the sale of unclaimed property is entered into the database under the owner’s name and becomes searchable through the NC Cash website. The total funds held by the program are invested and the interest earnings are given to the State Educational Assistance Authority (SEAA) to provide grants, loans and scholarships for North Carolina college students. In July 2008, $27,483,811.35 was given to SEAA.