Bill Summary for H 707 (2011-2012)
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Summary date:
Jun 3 2011
S.L. 2012-18
Bill Information:
| View NCGA Bill Details | 2011-2012 Session |
TO MODERNIZE AND ENACT CERTAIN PROVISIONS REGARDING DEEDS OF TRUST, INCLUDING RELEASES, SHORT SALES, FUTURE ADVANCE PROVISION TERMINATIONS AND SATISFACTIONS, TERMINATIONS AND SATISFACTIONS FOR EQUITY LINE LIENS, RELEASE OF ANCILLARY DOCUMENTS, ELIMINATING TRUSTEE OF DEED OF TRUST AS NECESSARY PARTY FOR CERTAIN TRANSACTIONS AND LITIGATION, AND INDEXING OF SUBSEQUENT INSTRUMENTS RELATED THERETO.Intro. by Rhyne.
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Bill summary
House committee substitute makes the following changes to 1st edition. Amends proposed GS 45-36.6(e) to require a document of rescission to also be signed and acknowledged as required by law for a conveyance of an interest in real property. Makes a conforming change throughout the act. Clarifies that the entire act is effective October 1, 2011, and makes conforming changes to reference the date throughout the act. Makes other technical, clarifying, and organizational changes.