§ 26.1-06.1-44 — Unclaimed and withheld funds

North Dakota § 26.1-06.1-44

• Jurisdiction: North Dakota
• Title 26.1: Insurance
• Ch. 26.1-06.1: Insurance Company Rehabilitation and Liquidation

Text

1. All unclaimed funds subject to distribution remaining under the liquidator's control
when the liquidator is ready to apply to the court for discharge, including the amount
distributable to any creditor, shareholder, member, or other person who is unknown or
cannot be found, must be deposited with the state treasurer, and must be paid without
interest except in accordance with section 26.1-06.1-41 to the person entitled thereto
or the person's legal representative upon proof satisfactory to the state treasurer of the
person's right thereto. Any amount on deposit not claimed within six years from the
discharge of the liquidator must be deemed to have been abandoned and must be
escheated without formal escheat proceedings and be deposited with the general
fund.
2. All funds withheld under section 26.1-06.1-36 and not distributed must, upon discharge
of the liquidator, be deposited with the state treasurer and paid out in accordance with
section 26.1-06.1-41. Any sums remaining which under section 26.1-06.1-41 would
revert to the undistributed assets of the insurer must be transferred to the state
treasurer and become the property of the state under subsection 1, unless the
commissioner petitions the court to reopen the liquidation under section 26.1-06.1-46.