A BILL TO BE ENTITLED AN ACT AMENDING THE NORTH CAROLINA PLANNED COMMUNITY ACT REGARDING THE TRANSFER OF SPECIAL DECLARANT RIGHTS.
Amends GS 47F-1-102 (Applicability), adds reference to GS 47F-3-104 (Transfer of Special Declarant Rights) to the section, explaining the applicability of that specific section of law.
Amends GS 47F-1-103 (Definitions), adding additional terms and definitions to be used in this act, including affiliate of declarant and development rights.
Amends GS 47F-3-104(a) (Transfer of special declarant rights), making technical and conforming changes.
Adds new subsections GS 47F-3-104(b-g).
GS 47F-3-104(b) provides for and explains the liability that a transferor declarant assumes upon transfer of any special declarant rights.
GS 47F-3-104(c) provides that, unless otherwise provided for, a person acquiring title of property being foreclosed or sold succeeds to all special declarant rights related to that property, held by the declarant, or those rights stated and reserved in the declaration, if requested in a recorded instrument.
GS 47F-3-104(d) provides for what occurs to special declarant rights after a foreclosure of a security interest, sale by trustee, tax sale, judicial sale, bankruptcy sale, or receivership proceedings of all interests in a planned community.
GS 47F-3-104(e) provides for the liabilities and obligations of a person who succeeds to special declarant rights.
GS 47F-3-104(f) provides that nothing in this section subjects any successor to a special declarant right to any claims against or other obligations of a transferor declarant other than claims and obligations arising under this Chapter or declaration.
GS 47F-3-104(g) clarifies that, for the purposes of this section, "assignment of declarant rights" includes any assignment by the declarant of special declarant rights to a person, including an assignment pursuant to this section.
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