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NC S853

Bill

Status

Passed

8/6/2014

Primary Sponsor

Robert Rucho

Click for details

Origin

Senate

2013-2014 Session

AI Summary

  • Establishes direct appeals of right to North Carolina Supreme Court from final judgments in mandatory complex business cases and from certain interlocutory orders by Business Court Judges affecting substantial rights.

  • Expands categories of cases eligible for mandatory complex business case designation to include disputes involving corporations, partnerships, limited liability companies, securities, antitrust law, trademarks, intellectual property, trade secrets, and contract disputes involving at least $1,000,000 in controversy with all parties' consent.

  • Requires Business Court Judges to issue written opinions when granting or denying motions under Rules 12, 56, 59, or 60, or when finally disposing of complex business cases (except settlements and jury verdicts).

  • Streamlines corporate holding company reorganizations by allowing mergers to create holding company structures without shareholder vote when specified conditions are met, including that constituent corporation shares convert into identical holding company shares.

  • Creates a Business Court Modernization Subcommittee within the Joint Legislative Economic Development and Global Engagement Oversight Committee to study implementation of the act and report findings to the 2015 General Assembly.

Legislative Description

Business Court Modernization

Last Action

Ch. SL 2014-102

8/6/2014

Committee Referrals

Rules and Operations of the Senate7/16/2014
Finance7/1/2014
Judiciary Subcommittee C6/18/2014
Judiciary I6/10/2014
Finance5/28/2014

Full Bill Text

No bill text available