Bill Summary for H 330 (2013-2014)

Summary date: 

Jun 26 2014

Bill Information:

View NCGA Bill Details2013-2014 Session
House Bill 330 (Public) Filed Monday, March 18, 2013
A BILL TO BE ENTITLED AN ACT AMENDING THE NORTH CAROLINA PLANNED COMMUNITY ACT REGARDING THE TRANSFER OF SPECIAL DECLARANT RIGHTS.
Intro. by Bryan, Stam.

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Bill summary

The Senate committee substitute to the 2nd edition makes the following changes.

Makes a technical correction to GS 47F-1-102.

Amends GS 47F-1-103 to add that the term development rights means any right or combination of rights reserved by a declarant in the declaration to combine lots into common elements.

Amends GS 47F-3-104 to provide that in case of foreclosure of a security interest, sale by a trustee under an agreement creating a security interest, tax sale, judicial sale, or sale under Bankruptcy Code or receivership proceedings, a successor to any special declarant right who is not an affiliate of a declarant, other than a successor described in the specified subdivisions, is subject to the obligations and liabilities expressly imposed by GS Chapter 47F or the declaration. Further adds that those successors are subject to the obligations and liabilities imposed on the transferor other than obligations and liabilities arising out of contractual agreements between the transferor or any previous declarant and third parties other than the declaration.

Adds a provision making the last sentence of GS 47F-3-104(c) applicable to any mortgage, deed of trust, tax lien, or other conveyance providing for foreclosure recorded or after January 1, 1999.

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