AN ACT TO CONFORM THE STATUTE RELATING TO REIMBURSEMENT FOR EXPENDITURES MADE BY SPOUSES ON JOINT PROPERTY WITH CURRENT FAMILY LAW PRACTICE, AS RECOMMENDED BY THE FAMILY LAW SECTION OF THE NORTH CAROLINA BAR ASSOCIATION.
Amends GS 41-61 to specify that neither the surviving spouse nor the personal representative of the deceased spouse is entitled to reimbursement from the other for expenditures made with respect to a subject property during the existence of a tenancy by the entirety after the termination by death (currently provides that neither spouse holding property as tenants by the entirety is entitled to reimbursement from the other for expenditures made). Includes recurring expenses, improvements, and payments made on indebtedness secured by a lien on the subject property (previously only specifically included payments made for indebtedness encumbering the property during the existence). Adds new provisions regarding the statute's construction. Specifies that the statute does not apply in any proceeding for equitable distribution or constitute any limitation on the power of the court in any equitable distribution proceeding. Specifies that the statute does not render unenforceable the terms of any otherwise valid and enforceable provisions in a premarital agreement, postmarital agreement, or promissory note given by one spouse to the other. Finally, specifies that the statute does not affect any otherwise valid and enforceable lien or judgment.
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