GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2009
HOUSE BILL 1058
RATIFIED BILL
AN ACT to increase the statutory homestead exemption.
The General Assembly of North Carolina enacts:
SECTION 1. G.S. 1C‑1601(a)(1) reads as rewritten:
"§ 1C‑1601. What property exempt; waiver; exceptions.
(a) Exempt property. – Each individual, resident of this State, who is a debtor is entitled to retain free of the enforcement of the claims of creditors:
(1) The debtor's aggregate
interest, not to exceed eighteen thousand five hundred dollars ($18,500)thirty‑five
thousand dollars ($35,000) in value, in real property or personal property
that the debtor or a dependent of the debtor uses as a residence, in a
cooperative that owns property that the debtor or a dependent of the debtor
uses as a residence, or in a burial plot for the debtor or a dependent of the
debtor; however, an unmarried debtor who is 65 years of age or older is
entitled to retain an aggregate interest in the property not to exceed thirty‑seven
thousand dollars ($37,000)sixty thousand dollars ($60,000) in value
so long as the property was previously owned by the debtor as a tenant by the
entireties or as a joint tenant with rights of survivorship and the former co‑owner
of the property is deceased.
…."
SECTION 2. This act becomes effective December 1, 2009.
In the General Assembly read three times and ratified this the 28th day of July, 2009.
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Walter H. Dalton
President of the Senate
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Joe Hackney
Speaker of the House of Representatives
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Beverly E. Perdue
Governor
Approved __________.m. this ______________ day of ___________________, 2009