Bill Summary for H 1061 (2015-2016)
Printer-friendly: Click to view
Summary date:
Bill Information:
| View NCGA Bill Details | 2015-2016 Session |
AN ACT TO MAKE CONFORMING AMENDMENTS TO CLARIFY THAT TENANCY BY THE ENTIRETY IS PRESERVED IN THIS STATE IN LIGHT OF THE UNITED STATES SUPREME COURT DECISION IN OBERGEFELL V. HODGES, AS RECOMMENDED BY THE GENERAL STATUTES COMMISSION.Intro. by Bryan.
| View: All Summaries for Bill | Tracking: |
Bill summary
House committee substitute makes the following changes to the 1st edition.
Places Sections 1 through 6 of the previous edition into new Part I of the act, titled Preserve Tenancy by the Entirety.
Creates new Part II of the act, titled Mortgage/Deed of Trust Changes, that provides the following.
Current GS 39-13 establishes that when a purchaser of real estate executes a purchase money mortgage on the property, the purchase-money mortgage is good and effectual against the purchaser's spouse as well as the purchaser, without requiring the spouse to join in the execution of such mortgage or deed of trust. Amends GS 39-13 to instead provide that a mortgage or deed of trust given by the purchaser of real property to secure a loan, the proceeds of which were used to pay all or a portion of the purchase price of the encumbered real property, regardless of whether the secured party of the purchase money mortgage is the seller of the real property or a third party lender, is good and effectual against his or her spouse as well as the purchaser, without requiring the spouse to join in the execution of the mortgage or deed of trust.
Current GS 29-30(g) establishes that neither the household furnishings in the dwelling house nor the life estates taken by election of the surviving spouse of the surviving spouse's statutory elective share, in lieu of the surviving spouse's intestate share, are subject to the payment of debts due from the estate of the deceased spouse, except those debts, as specified, that are secured by the property. Amends the second exception to subsection (g) to delete the term "purchase money mortgage" and to instead specify that a mortgage or deed of trust given by the deceased spouse to secure a loan, the proceeds of which were used to pay all or part of the purchase price of the encumbered property, regardless of whether the secured party is the seller of the real property or a third-party lender, may subject the household furnishings in the dwelling house or life estates taken by election of the surviving spouse under the statute to payments of debt due from the estate of the deceased spouse. Makes technical changes.
Provides that Part II of the act applies to mortgages and deeds of trust entered into on or after the date the act becomes law.