For property that is a security, or other equity in a business association with a value of $25 or more and all other property types having a property value of $50 or greater, holders should make a good faith effort to locate the owner and send a due diligence letter to the owner's last known address.
|What You'll Need to Complete Step 2
|A) Listing of property owners, contact information, and properties
B) Letter or communication template for communicating with owners
(View a sample due diligence letter)
Why Should You Attempt to Locate the Owners?
Good Due Diligence and Customer Service Practices
Owners often become upset when they discover that a holder has not made a diligent effort to contact them about their property, especially when their address has not changed.
It’s the Law
For property that is a security, or other equity interest in a business association having a property value of $25 or more and all other property types having a property value of $50 or more, the law requires a holder to send a written notice to an owner, at the owner's last known address according to the records of the holder. North Carolina General Statute 116B-59(b) requires that you mail notices not more than 120 or less than 60 days from the reporting due date.
The report due dates each year are as follows:
- Business or Organizations: November 1
- Government Organizations: November 1
- Life Insurance Companies: May 1
View a sample due diligence letter
|Step 2 Checklist
To complete step 2, you should have made a diligent effort to contact the owner. This includes written notices (if the threshold is met) sent to the owner’s last known address informing the owner that there is property being held for him or her.
The notices should be mailed not more than 120 days or less than 60 days from the reporting due date. If you have completed this step, you are ready to move to Step 3.