Bill Summary for H 960 (2011-2012)
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Summary date:
May 16 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
Amends GS 136-112 (measure of damages in condemnation action) to provide as title indicates. Permits the outstanding balance of an eligible mortgage, which must have been executed before July 1, 2008, to be added to the amount of damages. Requires the property owner to show that the property’s fair market value declined solely due to market decline. Expires July 1, 2014.