Bill Summary for S 595 (2019-2020)

Summary date: 

Jun 15 2020

Bill Information:

View NCGA Bill Details2019-2020 Session
Senate Bill 595 (Public) Filed Wednesday, April 3, 2019
AN ACT TO MAKE CHANGES AND TECHNICAL CORRECTIONS TO THE GENERAL STATUTES CONCERNING REAL PROPERTY LAW, AS RECOMMENDED BY THE NORTH CAROLINA BAR ASSOCIATION.
Intro. by Daniel.

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Bill summary

House committee substitute makes the following changes to the 2nd edition.

Part I.

Modifies proposed GS 41-61, regarding reimbursement for expenditures made on entireties property, provides that a court order, such as in an equitable distribution proceeding, controls responsibility for expenditures for the property held by tenancy in common when a tenancy by the entirety is converted to a tenancy in common by absolute divorce or otherwise.

Part II

Modifies proposed GS 41-71, regarding creation of a joint tenancy with right of survivorship, to no longer include "to them or to the survivor of them," or words of similar import to those listed, with the phrases deemed to express an intent to create a joint tenancy with right of survivorship. Also adds a new subsection to specify that new Article 6, Joint Tenancy, of GS Chapter 41 does not prohibit joint tenants from entering into any agreement with regard to the property held in joint tenancy including an agreement requiring notice to terminate the joint tenancy.

Enacts new GS 41-77 to deem citations to former statutes recodified in new Article 5 to be a citation to the recodified statute unless such construction would substantially impair the rights of a party.

Eliminates previous Part III, which enacted new GS Chapter 47I, Notice of Settlement Act, and coordinating recordation changes. Makes conforming organizational changes.

Part III

Eliminates the proposed changes to Section 4.1 of SL 2018-80, regarding the effective date and applicability of the act's provisions. Instead, modifies the Section to make Section 2.2, amending GS 47-18.3, applicable to corporate instruments under GS 47-18.3, other than mortgages and deeds, executed before, on, or after August 1, 2020 (was, effective on the date the act becomes law and did not include specificity for corporate instruments).

Changes the effective date of Section 3, containing statutory technical corrections, from the date the act becomes law to August 1, 2020.

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