Section 143C-9-5 - Assignment to the State of rights to tobacco manufacturer escrow fundsA tobacco product manufacturer that elects to place funds into escrow pursuant to G.S. 66-291(a)(2) may make an assignment of its interest in the funds to the benefit of the State. The assignment applies to all funds, and any earnings and appreciation, that are in the escrow account at the time of the assignment or are subsequently deposited into the escrow account and are not released under the provisions of subdivision (1) or (2) of G.S. 66-291(b) at any time on or before the expiration of 10 years from the date of assignment. The assignment is irrevocable and shall include any reversionary interest in the escrow account and the funds therein that would otherwise belong to the tobacco manufacturer, including the right to receive the escrowed funds pursuant to G.S. 66-291(b)(3).
An assignment of rights executed pursuant to this section shall be in writing and shall be signed by a duly authorized representative of the tobacco product manufacturer making the assignment. An assignment is effective upon delivery to the Attorney General and the financial institution where the escrow account is maintained.
N.C. Gen. Stat. § 143C-9-5
Amended by 2006 N.C. Sess. Laws 221,s. 3A, eff. 7/1/2007, which added a new section numbered 6.19.(d) to 2006 N.C. Sess. Laws 66, eff. 7/1/2007.Amended by 2006 N.C. Sess. Laws 259,s. 40.5, eff. 8/23/2006.Added by 2006 N.C. Sess. Laws 259,s. 40.(d), eff. 7/1/2007.2006 N.C. Sess. Laws 259,s. 40.(e), states, "If a final judgment by a court of competent jurisdiction declares that G.S. 143C-9-5, as enacted by subsection (d) of this section, is invalid or unenforceable, then the statute is repealed, and any assignment made under it is void. If, as a result of a final judgment, it is determined that G.S. 143C-9-5, as enacted by subsection (d) of this section, would subject payments to this State by participating manufacturers under the Master Settlement Agreement, as defined in G.S. 66-290, to a Non-Participating Manufacturer Adjustment under Section IX of that Agreement, then G.S. 143C-9-5 is repealed, and any assignment made under it is void."Section 6.19.(e) of 2006 N.C. Sess. Laws 66, as added by 2006 N.C. Sess. Laws 221,s. 3A, eff. 7/1/2007, states, "If a final judgment by a court of competent jurisdiction declares that G.S. 143C-9-5, as enacted by subsection (d) of this section, is invalid or unenforceable, then the statute is repealed, and any assignment made under it is void. If, as a result of a final judgment, it is determined that G.S. 143C-9-5 as enacted by subsection (b) of this section, would subject payments to this State by participating manufacturers under the Master Settlement Agreement, as defined in G.S. 66-290, to a Non-Participating Manufacturer Adjustment under Section IX of that Agreement, then G.S. 143C-9-5 is repealed, and any assignment made under it is void..