S 429 - Commercial Receivership and Real Property Amendments

• Amends the North Carolina Commercial Receivership Act to clarify procedures for appointing receivers, defining receivership property, and establishing duties of debtors and receivers in commercial receivership cases.

• Validates notarial acts and documents with technical errors performed before April 1, 2021, including documents with missing seals, misspelled names, incorrect dates, or omitted acknowledgments, and extends validation dates from prior law.

• Modifies real property law provisions including creation of tenancy by the entirety, registration of conveyances and leases, and clarifies that escrow agents (including real estate brokers, title insurance agents, and attorneys) may deposit disputed monies with the clerk of court.

• Part II and III become effective October 1, 2021, while Part I (commercial receivership amendments) becomes effective immediately upon enactment.