NC S487

Authorizes attorneys licensed in North Carolina to deposit disputed earnest money with the clerk of superior court, expanding authority previously limited to real estate brokers.

Requires deposit to be made in the county where the property is located and mandates the attorney certify that disputing parties have been notified they may initiate a special proceeding to recover the funds.

Prohibits deposit of disputed monies until 90 days after notifying all persons claiming ownership of the disputed funds.

Applies only to monies received in a fiduciary capacity, excluding residential security deposits.

Became effective October 1, 2011.