NORTH CAROLINA GENERAL ASSEMBLY

1961 SESSION

 

 

CHAPTER 435

HOUSE BILL 471

 

 

AN ACT TO PERMIT INTER VIVOS AND TESTAMENTARY CONVEYANCES OF FUTURE INTERESTS.

 

The General Assembly of North Carolina do enact:

 

Section 1.  Chapter 39 of the General Statutes is hereby amended by adding a new Section immediately following Section 39‑6.2 in the 1959 Cumulative Supplement to Volume 2A, the same to be designated Section 39‑6.3 and to read as follows:

"G.S. 39‑6.3.  Inter vivos and testamentary conveyances of future interests permitted.

"(a)       The conveyance, by deed or will, of an existing future interest shall not be ineffective on the sole ground that the interest so conveyed is future or contingent. All future interests in real or personal property, including all reversions, executory interests, vested and contingent remainders, rights of entry both before and after breach of condition and possibilities of reverter may be conveyed by the owner thereof, by an otherwise legally effective conveyance, inter vivos or testamentary, subject, however, to all conditions and limitations to which such future interest is subject.

"(b)      The power to convey as provided in Subsection (a), can be exercised by any form of conveyance, inter vivos or testamentary, which is otherwise legally effective in this State at the date of such conveyance to transfer a present estate of the same duration in the property.

"(c)       This Act shall apply only to conveyances which become operative to transfer title on or after its effective date."

Sec. 2.  All laws and clauses of laws in conflict with this Act are hereby repealed.

Sec. 3.  This Act shall be in force and effect from and after October 1, 1961.

In the General Assembly read three times and ratified, this the 16th day of May, 1961.