A BILL TO BE ENTITLED AN ACT AMENDING THE NORTH CAROLINA PLANNED COMMUNITY ACT REGARDING THE TRANSFER OF SPECIAL DECLARANT RIGHTS.
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.
© 2021 School of Government The University of North Carolina at Chapel Hill
This work is copyrighted and subject to "fair use" as permitted by federal copyright law. No portion of this publication may be reproduced or transmitted in any form or by any means without the express written permission of the publisher. Distribution by third parties is prohibited. Prohibited distribution includes, but is not limited to, posting, e-mailing, faxing, archiving in a public database, installing on intranets or servers, and redistributing via a computer network or in printed form. Unauthorized use or reproduction may result in legal action against the unauthorized user.