NORTH CAROLINA GENERAL ASSEMBLY

1971 SESSION

 

 

CHAPTER 397

HOUSE BILL 805

 

 

AN ACT TO AMEND THE REVENUE ACT TO ELIMINATE THE REQUIREMENT THAT PERSONAL REPRESENTATIVES OF NONRESIDENT DECEDENTS OBTAIN RELEASE FROM THE COMMISSIONER OF REVENUE FOR TRANSFER OF CORPORATE STOCKS AND BONDS OF NORTH CAROLINA CORPORATIONS OWNED BY NONRESIDENT DECEDENTS.

 

The General Assembly of North Carolina do enact:

 

Section 1.  Article 1, Subchapter I of Chapter 105 of the General Statutes is hereby amended by inserting a new section immediately following Section 105-11, which new section shall be designated as Section 105-11.1 and shall read as follows:

"§ 105-11.1.  Transfer of shares of stock or bonds of nonresident decedent. — The consent of the Commissioner of Revenue shall not be required in the case of the transfer of any bonds or shares of stock specified in G.S. 105-11(a) when the decedent is not domiciled in this State. In any action brought under G.S. 105-11 it shall be a sufficient defense that the transfer of such bonds or shares of stock was made in good faith and without knowledge of circumstances sufficient to place the defendant on inquiry as to the domicile of the decedent."

Sec. 2.  This act shall become effective upon ratification.

In the General Assembly read three times and ratified, this the 19th day of May, 1971.