Posted by Agnic - Stephen on 7/24/12 9:41am
Msg #427829

Escheatment

Has anyone here done a bank escheatment? I am working on a large project and will need a few dedicated full-time, temporary, notaries throughout the NC state. If you can help me find notaries interested in this it would be very helpful.

Escheatment is the transfer of ownership of items. For banks, its usually items found in safe deposit boxes. Ownership is transferred to the state and then is auctioned off after a certain period of time. I bet you've never heard of this!

Reply by Les_CO on 7/24/12 9:57am
Msg #427830

Re: Escheatment n/m

Reply by Les_CO on 7/24/12 9:57am
Msg #427831

I suggest you go to this, and other notary sites and type in the zip code of the bank what is having the safe deposit boxes opened. You will find nearby notaries to contact. I’d keep in mind if a per hour fee you are willing to offer.

Reply by TeamNC on 7/24/12 11:16am
Msg #427844

That is a great idea, but we are talking about several hundred locations. Would be impossible to manage it this way.

Reply by Les_CO on 7/24/12 1:58pm
Msg #427894

So you want a notary say from Raleigh to get in their car and drive all around the State stopping at hundreds of different banks and documenting the contents of assorted safe deposit boxes? Sounds very expensive to me. Travel time, expensis, lodging, food, gas, etc. I think making a few phone calls to local notaries would cost a whole lot less....but what do I know? Still, I’d do a search of NC notaries and ask, I would doubt if you'll find your answer here.

Reply by TeamNC on 7/24/12 3:34pm
Msg #427910

You are right, however most notaries want to be paid per document, which would turn out to be more expensive in this case. We are looking at doing about 10,000 individual boxes, and who knows how many items in each.

Reply by NJDiva on 7/24/12 1:30pm
Msg #427886

Of course. But the bank I do them for call it safe deposit

box drillings. Never heard the word escheatment.

Reply by TeamNC on 7/24/12 3:23pm
Msg #427908

Re: Of course. But the bank I do them for call it safe deposit

Yup, box drilling. We supply the drillers & notaries if needed. NC requires the person to be separate so I am having some issues finding resources to be dedicated to just notarizing contents.

Reply by jnew on 7/24/12 7:10pm
Msg #427935

Re: Of course. But the bank I do them for call it safe deposit

If you hold money in trust and the money is not claimed by a statutory period it escheats to the State. So If someone puts up a deposit for purposes of fulfilling a contract and never makes a demand to the trustee, the trustee can not hold the money forever and deposits it with the state giving the state as much information as the trustee can about the owner. If you ever see adds from the state in newspapers about unclaimed funds, that is usually funds which have escheated to the state. In my state, the period is six years.