A BILL TO BE ENTITLED AN ACT AMENDING THE NORTH CAROLINA PLANNED COMMUNITY ACT REGARDING THE TRANSFER OF SPECIAL DECLARANT RIGHTS.
House committee substitute makes the following changes to the 1st edition.
Amends GS 47F-1-102(c), making a technical change.
Amends the definition for affiliate of declarant in GS 47-1-103, adding language stating that it refers to any person who succeeds to any special declarant rights, in addition to also referring to any person who controls, is controlled by, or is under common control with, a declarant. Makes organizational changes, setting out the requirements to establish if a person controls a declarant, for the purposes of this definition.
Amends subsection (c) of GS 47F-3-104 (Transfer of special declarant rights), providing that a person acquiring title to all of the specified property that is being foreclosed or sold, but only upon the person's request in an instrument recorded in every county in which any portion of the planned community is located, succeeds to all special declarant rights related to that property held by that declarant and requested by the person acquiring title, unless otherwise provided by a specified instrument or security (previously, provided for succeeding to any rights reserved in the declaration and held by that declarant to maintain sales offices, management offices, signs advertising the planned community, and models).
Amends GS 47F-3-104(d), making organizational changes.
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