Bill Summary for H 852 (2017-2018)

Summary date: 

Apr 13 2017

Bill Information:

View NCGA Bill Details2017-2018 Session
House Bill 852 (Public) Filed Tuesday, April 11, 2017
AN ACT TO MAKE CORRECTIONS AND OTHER AMENDMENTS TO VARIOUS STATUTES IMPACTING REAL PROPERTY OWNERSHIP AND TO MAKE OTHER CONFORMING CHANGES, AS RECOMMENDED BY THE REAL PROPERTY SECTION OF THE NORTH CAROLINA STATE BAR ASSOCIATION, TO REGULATE THE SOLICITATION OF A FEE IN EXCHANGE FOR COPIES OF RECORDED DOCUMENTS, AND TO CLARIFY ELIGIBILITY FOR NEEDS-BASED PUBLIC SCHOOL CAPITAL FUND GRANTS.
Intro. by Jordan, Zachary.

View: All Summaries for BillTracking:

Bill summary

Part I:

Amends GS 39-13 (Spouse need not join in purchase-money mortgage). Provides 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 is the seller of the real property or a third-party lender, shall be good and effectual against the purchaser's spouse as well as the purchaser, without requiring the spouse to join in the execution of the mortgage or deed of trust.

Amends GS 161-10 (Uniform fees of registers of deeds). Provides that in all cases other than recording records of satisfaction or the cancellation of record by any other means, deeds of trust or mortgages, the fees in subdivision (a)(1) apply to the registration or filing of any subsequent instrument that relates to a previously recorded deed of trust or mortgage.

Amends GS 161-14.1 (Recording subsequent entries as separate instruments). Amends the definitions of original instrument and subsequent instrument to include reinstatements.

Part I applies to mortgages and deeds of trust entered into before, on, or after the date this act becomes law.

Part II:

Amends GS 47-17.1 (requiring deeds and deeds of trust to bear the name of the person or law firm that drafted the instrument). Provides that that statue does not apply to other instruments presented for registration, and allows the register of deeds to accept the verbal or written representation of the individual presenting the deed or deed of trust for registration, or any individual reasonably related to the transaction, that the individual or law firm listed on the first page is a validly licensed attorney or validly existing law firm.

Amends GS 47-18.3 (Execution of corporate instruments; authority and proof). Provides that contrary terms in an operating agreement or articles of organization do not supercede the requirements of that statute. Incorporates domestic and foreign limited liability companies in the types of organizations whose instruments to which this statute applies. Adds chief operations officers, general counsels, deputy or assistant general counsels, managers, members, directors, or persons with similar business titles to the list of persons authorized to execute an instrument on behalf of a business association under this statute. Makes technical and conforming changes.

Part II applies to instruments presented for registration on or after the date this act becomes law.

© 2021 School of Government The University of North Carolina at Chapel Hill

This work is copyrighted and subject to "fair use" as permitted by federal copyright law. No portion of this publication may be reproduced or transmitted in any form or by any means without the express written permission of the publisher. Distribution by third parties is prohibited. Prohibited distribution includes, but is not limited to, posting, e-mailing, faxing, archiving in a public database, installing on intranets or servers, and redistributing via a computer network or in printed form. Unauthorized use or reproduction may result in legal action against the unauthorized user.

Printer-friendly: Click to view