AN ACT TO EXEMPT CERTAIN REAL ESTATE TIME-SHARES FROM THE RULE AGAINST PERPETUITIES.
Identical to H 1253, filed on May 28, 2014.
Amends Article 4 of GS Chapter 93A, enacting new GS 93A-42.1, Construction and validity of declarations adopted prior to the Time-Share Act.
Makes all provisions in time-share declarations that were adopted and recorded at the appropriate register of Deeds office before July 1, 1984, severable. Prohibits applying the rule against perpetuities to defeat any time-share declarations or bylaws adopted and recorded at the appropriate Register of Deeds office before July 1, 1984. Provides additional specifications regarding the construction and validity of the provisions contained in time-share declarations adopted and recorded prior to the Time-Share Act.
Declares that this act only applies to time-share projects located entirely within the counties of Currituck and Dare.
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