Surplus Funds Q&A Series

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Surplus Funds Q&A Series

When do surplus funds require a court petition or lawsuit instead of a simple unclaimed-property claim process? – NC

When do surplus funds require a court petition or lawsuit instead of a simple unclaimed-property claim process? – NC Short Answer In North Carolina, surplus funds usually require a court petition when the money came from a foreclosure, tax foreclosure, or other judicial sale and the funds were paid into the clerk of superior court.…

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Surplus Funds Q&A Series

What kind of contract should I use if I locate surplus funds for someone else and want a percentage for helping them recover it? NC

What kind of contract should I use if I locate surplus funds for someone else and want a percentage for helping them recover it? – NC Short Answer In North Carolina, the agreement is usually a written property-finder or finder’s-fee agreement governed by the Unclaimed Property Act. But not every percentage-based contract is enforceable. For…

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Surplus Funds Q&A Series

Can a child support judgment be negotiated down or settled for less when it’s being collected from surplus funds? NC

Can a child support judgment be negotiated down or settled for less when it’s being collected from surplus funds? – NC Short Answer Sometimes, but not automatically. In North Carolina, a child-support arrears claim can reach foreclosure surplus funds if the arrears were turned into an enforceable lien or judgment that properly attaches to the…

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