NC H992

Creates a nonjudicial "timeshare trustee foreclosure" process allowing managing entities to foreclose on timeshares for delinquent assessments without going through court, requiring notice to owners at least 30 days before judgment docketing and giving owners the right to object and force judicial foreclosure instead

Owners who do not object to the trustee foreclosure process are protected from deficiency judgments even if the sale proceeds are insufficient to cover the debt, and purchasers at trustee foreclosure sales are exempt from liability for the previous owner's unpaid assessments

Establishes detailed procedural requirements including $250 administrative cost charge, 6-month waiting period before foreclosure, publication notice if certified mail is undeliverable, public auction sale, and 8% annual interest rate on judgments

Removes the requirement that a father's written acknowledgment of paternity for a child born out of wedlock must be filed with the clerk of superior court during both the father's and child's lifetimes to establish inheritance rights

Timeshare foreclosure provisions become effective December 1, 2025 for liens filed on or after that date; paternity provisions apply to estates of decedents dying on or after December 1, 2025