Bill Summary for H 960 (2011-2012)
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Summary date:
Jun 5 2012
Bill Information:
| View NCGA Bill Details | 2011-2012 Session |
TO ENSURE PAYMENT OF JUST COMPENSATION TO PROPERTY OWNERS WITH MORTGAGE DEBT EXCEEDING THE FAIR MARKET VALUE OF THE PROPERTY BY AUTHORIZING THE CONSIDERATION OF OUTSTANDING MORTGAGE DEBT WHEN DETERMINING DAMAGES IN A CONDEMNATION ACTION, AS RECOMMENDED BY THE HOUSE SELECT COMMITTEE ON STATE OWNED ASSETS.Intro. by Moffitt, Brawley.
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Bill summary
House amendment makes the following changes to 1st edition. Amends the definition of an eligible mortgage to include only a debt secured by a mortgage or deed of trust executed before July 1, 2008, that identifies the property being condemned as collateral (was, to obtain money for the purchase of the property being condemned).