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NC S877

Bill

Official Source

Status

Passed

8/5/2014

Primary Sponsor

William Cook

Click for details

Origin

Senate

2013-2014 Session

AI Summary

  • Adds new section 93A-42.1 to North Carolina General Statutes to exempt time share declarations adopted before July 1, 1984 from the rule against perpetuities
  • Makes all provisions in pre-1984 time share declarations severable, allowing individual provisions to be invalidated without affecting the entire declaration
  • Permits time share project boards to amend original pre-1984 provisions that convert or provide conversion mechanisms for time share units to tenancy in common ownership with a two-thirds affirmative vote
  • Provides that minor noncompliance with the section does not render time share titles unmarketable, with substantial compliance determined under existing state marketability laws
  • Preserves individual time share owners' rights to vote for project termination or declaration amendments for termination purposes

Legislative Description

Exempt Time Shares/Rule Against Perpetuities

Last Action

Ch. SL 2014-99

8/5/2014

Committee Referrals

Rules, Calendar, and Operations of the House7/2/2014
Judiciary I6/25/2014
State and Local Government6/24/2014
Judiciary I5/29/2014

Full Bill Text

No bill text available